CCI Clears Havells' Stake Buy in Goldi Solar and Vama Inverters LLP

11 Jun 2025 CW Team

The Competition Commission of India (CCI) has approved a proposed combination involving Havells India and Goldi Sun in the solar energy sector.

The transaction includes:

(i) Havells India (HIL) acquiring less than 10 per cent of the issued, subscribed, and paid-up equity share capital of Goldi Solar (the Target); and

(ii) Goldi Sun acquiring 100 per cent partnership interest in Vama Inverters LLP (Vama) and Goldi Energy LLP (Goldi Energy).

Havells India is a diversified manufacturer and seller of electrical products in India, including fans, lighting, switches, accessories, home appliances, switchgear, and solar inverters. It is also involved in the sale of solar modules.

Goldi Solar and its affiliates are engaged in the manufacture and sale of solar modules, as well as the provision of engineering, procurement, and construction (EPC) services in the solar energy sector.

Goldi Sun operates in the manufacture and sale of solar modules in India.

Vama Inverters LLP is involved in the sale of solar inverters, while Goldi Energy LLP offers EPC services for solar projects within the country.

The Commission’s detailed order will be issued in due course.

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