Indian electric goods maker Havells has acquired a controlling 51% stake in LED and solar energy company Pompetec Renewable Energy Solutions, reported The Economic Times.

Havells acquired Pompetec for INR 650 million (US $10.31 million).

"Promptec is an ideal fit for Havells and the acquisition is expected to provide substantial impetus to Havells' growth plans in the high potential segments of LED and Solar Solutions," said Anil Rai Gupta, Chairman, Havells. "We expect Promptec to grow multifold with its innovative lighting solutions and be an INR 2.5 billion business in next three to four years."

Havells, which already has a LED lighting business operation, aims to escalate the company’s LED lighting product sales to 40% to 50% of its total lighting product sales.