Havells India Acquires 26% Stake in Kundan Solar SPV for 15 MWac Captive Plant

Havells India Limited has announced that its Executive Committee has approved the acquisition of a 26% equity stake in Kundan Solar (Pali) Private Limited, an SPV created to set up a 15 MWac captive solar power project in Rajasthan. The investment marks a significant step in Havells’ long-term strategy to scale up renewable energy usage across its operations.

Kundan Solar (Pali) is a subsidiary of Kundan Green Energy Private Limited of the Kundan Group, which has an established presence in renewable power generation and sustainable energy initiatives. The SPV has been formed specifically for the development, installation, and management of the upcoming solar project.

Havells will invest approximately ₹5.63 crore through an all-cash transaction executed in phases, with each tranche tied to clearly defined project milestones. The company expects the entire transaction to be completed by 30 June 2026.

By acquiring a 26% stake, Havells will qualify as a captive consumer under Indian electricity regulations. This will allow the company to source solar energy from the Rajasthan-based plant at a lower cost, contributing to considerable long-term savings for its manufacturing facilities in the state. Havells projects a payback period of 12 to 18 months once the plant becomes operational.

The 15 MWac project is slated for commissioning in the second quarter of FY 2026–27. Despite promoters of the Kundan Group being related to one of Havells’ promoters, the company clarified that the promoter group of Havells has no financial interest in the SPV and that the acquisition is being undertaken entirely on an arm’s-length basis.