Last Updated on November 27, 2025 by Author
Havells India Limited has announced that its Executive Committee has approved the acquisition of a 26% stake in Kundan Solar (Pali) Private Limited, a Special Purpose Vehicle (SPV) established to develop a 15 MWac captive solar power plant in Rajasthan. The decision was finalized at the Committee meeting.
Kundan Solar is a subsidiary of Kundan Green Energy Private Limited, part of the Kundan Group, which is actively engaged in renewable power generation and sustainable energy solutions. The SPV has been set up specifically for the development, installation, management, and operation of the upcoming solar project.
Havells’ investment—amounting to ₹5.63 crore and structured as an all-cash transaction—will be executed in multiple tranches linked to project milestones. The transaction is expected to be completed by 30 June 2026.
The company stated that the move is a strategic step to reduce dependence on fossil fuels and transition towards green energy. By holding a 26% equity stake, Havells will qualify as a captive consumer under Indian electricity regulations, enabling it to procure solar power at significantly lower cost for its manufacturing plants in Rajasthan. The company expects a payback period of approximately 12–18 months from the commissioning of the project.
The 15 MWac solar plant is scheduled for commissioning in Q2 of FY 2026–27.
Although promoters of the Kundan Group are related to one of the promoters of Havells, the company confirmed that Havells’ promoter group has no financial interest in Kundan Solar, and the acquisition is being executed on an arm’s-length basis.
