Havells India Limited has signed a binding term sheet to invest ₹600 crore in Goldi Solar Private Limited in one of the largest strategic deals in India’s solar sector this year.
The transaction, approved by Havells’ Executive Committee, is part of Goldi’s ongoing fundraising round of ₹1,050 to ₹1,300 crore and is expected to conclude within the next 75 days.
The investment will give Havells an 8.90% to 9.24% stake in Goldi, depending on the final fundraise size. The deal is valued at a 20x EV/EBITDA multiple, based on Goldi’s provisional FY25 earnings, and will grant Havells customary shareholder rights, including a board seat, pending regulatory approvals.
This is Havells’ most significant deal in solar manufacturing to date, and it comes with strategic intent.
Ishverbhai Dholakiya has grown Goldi Solar from a family-owned business to a solar module powerhouse, with FY25 revenue projected at ₹3,420 crore and EBITDA margins in the range of 8–9%.
Its module capacity stands at 10.7 GW as of March 2025, with another 4 GW expected by July. Goldi’s Plans for setting up domestic cell manufacturing within the next 18 months.
For Havells, the move makes a strong presence in the renewables space. The company already supplies solar inverters, modules, DC switchgear, and solar cables, especially in the rooftop and commercial & industrial segments. But instead of building its own plant, Havells opted for a lower-risk route: partnering with a fast-scaling, backward-integrated manufacturer.
The partnership will lead Havells to tap into rising domestic demand while securing module sourcing, especially with India’s policy support for self-reliance in solar hardware. Goldi’s backward integration into solar cell production is the best option in this case.
With this investment, Havells positions itself firmly on the solar manufacturing map, making it one of the biggest corporate-led clean energy plays in recent times.
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