 "Havells to raise stake in Promptec Renewable")
Electrical equipment maker Havells India said on Monday that it will increase its stake in Bangalore-based Promptec Renewable Energy Solutions up to 70% for an undisclosed sum.
"A tripartite agreement has been signed among the company viz. Havells India, Promptec Renewable Energy Solutions, a subsidiary where the company holds 51% stake and the shareholders of Promptec, whereby the company has agreed to acquire up to 70% stake in the paid-up share capital of Promptec," Havells India said in a BSE filing.
Promptec is into marketing and manufacturing of LED products including street, office and solar lighting.
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In a separate filing, Havells said it is launching solar solutions including solar power generating systems, home lighting kits, solar pumps, solar street lights etc.
"The products will be assembled/manufactured in Neemrana and will be rolled out pan India in phases starting from June 2016, catering to the domestic market," it added.
