Havells India Raises Stake in Promptec Renewable

Havells India (the company) has scaled up its share in Promptec to 51%, which values INR 65 million (US $970,000), according to The Dollar Business.

This would increase its stake in Promptec Renewable Energy Solutions for an undisclosed amount, the electrical equipment firm said in a statement to BSE.

The company stated it signed a triparitite agreement with subsidiary Promptec Renewable Energy Solutions on Monday.

Following the acquisition, Promptec will continue to have a 49% stake in the company, and emblems Havells entry into the solar industry.

As part of the agreement, Havells India decided to acquire 70% stake in Promptec and the shareholders of Promptec. At the moment, the company holds 51% stake in the paid-up share capital of Promptec. Promptec, a Bangalore based company makes and markets LED lighting and solar lighting products, as well as power electronic solutions.

According to the report, Promptec has established a R&D center to customize LED lighting products based on clients demands. The company supplied more than 60,000 LED streetlights in a course of three years in the local and overseas markets. Promptec Renewable has another 30,000 square feet electronics manufacturing unit in Bangalore. The company has served around 300 villages with solar LED street lights.

Disclaimers of Warranties
1. The website does not warrant the following:
1.1 The services from the website meets your requirement;
1.2 The accuracy, completeness, or timeliness of the service;
1.3 The accuracy, reliability of conclusions drawn from using the service;
1.4 The accuracy, completeness, or timeliness, or security of any information that you download from the website
2. The services provided by the website is intended for your reference only. The website shall be not be responsible for investment decisions, damages, or other losses resulting from use of the website or the information contained therein<

Proprietary Rights
You may not reproduce, modify, create derivative works from, display, perform, publish, distribute, disseminate, broadcast or circulate to any third party, any materials contained on the services without the express prior written consent of the website or its legal owner.