The Competition Commission of India (“CCI”) vide Press Release No.31/2025-2026,[1] dated June 10, 2025, has approved a proposed combination involving Havells India Limited (“HIL”) and certain entities of the Goldi Group (as detailed below).
Transaction Overview:
The approved combination involves:
- Acquisition by HIL: HIL shall acquire less than 10% (Ten Percent) of the issued, subscribed, and paid-up equity share capital of Goldi Solar Private Limited (“Target”).
- Acquisition by Goldi Sun Private Limited: Goldi Sun Private Limited (“Goldi Sun”) shall acquire 100% (One Hundred Percent) partnership interest in Vama Inverters LLP (“Vama”), and Goldi Energy LLP (“Goldi Energy”).
Parties to the Combination:
- HIL, is a well-established manufacturer and seller of electrical goods in India. Its portfolio includes fans, lighting, switches, accessories, home appliances, switchgears, and solar-related products including inverters and modules.
- The Target is active in the manufacture and sale of solar modules and Engineering, Procurement, and Construction (“EPC”) services for solar energy projects in India.
- Goldi Sun is engaged in the manufacture and sale of solar modules in India.
- Vama specializes in the sale of solar inverters.
- Goldi Energy provides EPC services for the solar sector in India.
[1] https://www.cci.gov.in/media-gallery/press-release/details/538/0