 "Havells to buy 51% stake in LED light maker Promptec Renewable")
Havells India Ltd to acquire 51 percent stake in Promptec Renewable Energy Solutions Pvt Ltd - the Bangalore-based manufacturer of LED products including street lighting, office lighting and solar lighting – for an enterprise value of Rs 65 crores. The Board of Havells India Limited on April 20, 2015 approved the acquisition of majority stake in Promptec Renewable Energy Solutions. With this acquisition, Havells would expand its footprints into two high growth lighting verticals of LED and solar energy.
Promptec Renewable was promoted in 2008 by a team consisting of technology and commercial skills orientation to cater to energy efficient lighting solutions. Post-acquisition, the promoter group of Promptec would hold 49 percent stake in the company and continue to contribute to the high growth trajectory for the company.
Anil Rai Gupta, chairman and managing director, Havells India Limited, said, “Promptec is an ideal fit for Havells and the acquisition is expected to provide substantial impetus to Havells' growth plans in the high potential segments of LED and solar solutions. Havells is constantly looking to add fresh products in its portfolio as part of its endeavour to serve its existing and additional customers & channels. The alliance also marks the entry of Havells into the promising field of solar energy that could further be expanded, considering the number of renewable energy initiatives of the Government.”
Havells expects Promptec, which currently has revenues of Rs 35 crores to grow multi-fold with its innovative lighting solutions and be a Rs 250 crore business in next 3-4 years.
Havells would significantly leverage Promptec’s experience and skills through its vast distribution network along with tapping into Promptec’s credentials in the emerging LED street lighting segments and solar products.
“The acquisition of Promptec would lead Havells to grow aggressively in the LED segment through a quick market reaction and short development cycles. Havells plans to take share of LED lighting to over 40-50 percent of its total lighting sales and this acquisition is a further step in the journey,” said Havells in a press release.
Promptec has also collaborated with leading companies viz Tata Power Solar and Havells to provide solar and LED products, leveraging its technology, rapid turnaround and short development cycles. The solar products include solar lanterns, solar charging stations, solar street lighting which has large untapped demand in rural areas as well export markets.
“We are happy to be a part of the globally renowned Havells Group. We sincerely believe that this partnership is a huge boost for Promptec as we get substantial reach through Havells brand and distribution platform,” said Kiran Moras, director, Promptec Renewable Energy Solutions Pvt Ltd.
Promptec Renewable has 30,000 square feet scalable LED light and electronics manufacturing facility with lead free surface mount technology (SMT) lines located at in Bangalore.
Promptec Renewable was promoted in 2008 by a team consisting of technology and commercial skills orientation to cater to energy efficient lighting solutions. Post-acquisition, the promoter group of Promptec would hold 49 percent stake in the company and continue to contribute to the high growth trajectory for the company.
Anil Rai Gupta, chairman and managing director, Havells India Limited, said, “Promptec is an ideal fit for Havells and the acquisition is expected to provide substantial impetus to Havells' growth plans in the high potential segments of LED and solar solutions. Havells is constantly looking to add fresh products in its portfolio as part of its endeavour to serve its existing and additional customers & channels. The alliance also marks the entry of Havells into the promising field of solar energy that could further be expanded, considering the number of renewable energy initiatives of the Government.”
Havells expects Promptec, which currently has revenues of Rs 35 crores to grow multi-fold with its innovative lighting solutions and be a Rs 250 crore business in next 3-4 years.
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Havells would significantly leverage Promptec’s experience and skills through its vast distribution network along with tapping into Promptec’s credentials in the emerging LED street lighting segments and solar products.
“The acquisition of Promptec would lead Havells to grow aggressively in the LED segment through a quick market reaction and short development cycles. Havells plans to take share of LED lighting to over 40-50 percent of its total lighting sales and this acquisition is a further step in the journey,” said Havells in a press release.
Promptec has also collaborated with leading companies viz Tata Power Solar and Havells to provide solar and LED products, leveraging its technology, rapid turnaround and short development cycles. The solar products include solar lanterns, solar charging stations, solar street lighting which has large untapped demand in rural areas as well export markets.
“We are happy to be a part of the globally renowned Havells Group. We sincerely believe that this partnership is a huge boost for Promptec as we get substantial reach through Havells brand and distribution platform,” said Kiran Moras, director, Promptec Renewable Energy Solutions Pvt Ltd.
Promptec Renewable has 30,000 square feet scalable LED light and electronics manufacturing facility with lead free surface mount technology (SMT) lines located at in Bangalore.