Havells to ramp up stake in Promptec Renewable
The Dollar Business Bureau Havells India has acquired a 51% stake in Promptec at an enterprise value of Rs.65 crore. This would ramp up its stake in Promptec Renewable Energy Solutions for an undisclosed amount, the electrical equipment firm said in a statement to BSE. According to it, Havells India has signed a tripartite agreement with its subsidiary Promptec Renewable Energy Solutions Pvt Ltd on Monday. Post-acquisition, the promoter-side of Promptec will continue to hold a 49% stake in the company. This marks the entry of Havells in the field of solar energy. As per the agreement, Havells India has decided to acquire a 70% stake in Promptec and the shareholders of Promptec. Currently, it owns 51% stake in the paid-up share ...
