Havells India, electrical equipment manufacturing company, has announce that it has increased its stake in Promptec Renewable Energy Solutions Pvt Ltd to 70 per cent for an undisclosed sum.
"A tripartite agreement has been signed among the company viz. Havells India, Promptec Renewable Energy Solutions, a subsidiary where the company holds 51 per cent stake and the shareholders of Promptec, whereby the company has agreed to acquire up to 70 per cent stake in the paid-up share capital of Promptec," Havells India said in a BSE filing.
Promptec is a Bangalore based entity engaged in marketing and manufacturing of LED products including street lighting, office lighting and Solar lighting.
In yet another development, Havells informed BSE that it is launching solar solutions including solar power generating systems, home lighting kits, solar pumps, solar street lights, etc.
"The products will be assembled/manufactured in Neemrana and will be rolled out pan India in phases starting from June 2016, catering to the domestic market," informed Havells.
Havells India Ltd is a leading FMEG company (Fast moving electrical goods) with presence across India. Its product range includes Industrial & Domestic Circuit Protection Switchgear, Cables& Wires, Motors, Fans, Power Capacitors, CFL Lamps, Luminaires for Domestic, Commercial & Industrial applications, Modular Switches, Water Heaters and Domestic Appliances covering the entire gamut of household, commercial and industrial electrical needs. Havells owns prestigious brands like Havells, Crabtree and Standard.
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