Havells India Ltd to Acquire 26% Stake in Kundan Solar (Pali) Private Limited for INR 5.63 Crores

Havells India Ltd, a leading Fast Moving Electrical Goods (FMEG) company, has approved acquiring a 26% stake in Kundan Solar (Pali) Private Limited. The SPV is established for the business of developing, installing, operating, managing and maintaining solar power plants. The total investment value is INR 5.63 Crores. The acquisition is part of Havells' strategy to reduce dependence on fossil fuels and move towards green energy. Kundan Solar will set up a 15 MWac solar power plant and Havells plans to enter into a long-term Power Purchase Agreement (PPA) for up to 25 years. The arrangement will result in savings in power cost at plant locations in Rajasthan with a payback within ~12-18 months from the date of commissioning of the project.