Havells India Limited has signed a binding term sheet to make a minority investment of Rs 6 billion in Goldi Solar Private Limited.
The investment is part of a larger fundraise of up to Rs 13 billion by Goldi Solar, and is expected to be completed within 75 days. Havells will acquire an 8.90 per cent –9.24 per cent stake depending on the final round size, and will receive customary shareholder rights including a board seat and investor reserve matters. The investment is subject to customary conditions precedent, including approval from the Competition Commission of India.