The Competition Commission of India has approved the acquisition of certain issued and paid-up equity share capital of Goldi Solar Private Limited by Havells India Limited and acquisition of 100% partnership interest of Vama Inverters LLP and Goldi Energy LLP by Goldi Sun Private Limited.

The Proposed Combination comprises acquisition of: (i) less than 10% of the issued, subscribed and paid-up equity share capital of the Goldi Solar Private Limited (Target) by Havells India Limited (HIL); and (ii) 100% partnership interest of Vama Inverters LLP (Vama) and Goldi Energy LLP (Goldi Energy) by Goldi Sun Private Limited (Goldi Sun).

HIL is engaged in the: (a) manufacture and sale of several products such as fans, lightings, switches, accessories, home appliances, home electricals (including solar inverters), switchgears; and (b) sale of solar modules, in India.

The Target (including its affiliates) is engaged in the: (a) manufacture and sale of solar modules; and (b) provision of engineering, procurement, and construction (EPC) services for solar sector, in India.

Goldi Sun is engaged in the manufacture and sale of solar modules in India.

Vama is engaged in the sale of solar inverters in India.

Goldi Energy is engaged in the of provision of EPC services for solar sector in India.

Detailed order of the Commission will follow.

Competition clearance permits a minority equity acquisition and full partnership transfers affecting the solar sector supply chain. The Competition Commission approved a Proposed Combination under which Havells India Limited acquires a minority stake in Goldi Solar Private Limited and Goldi Sun Private Limited acquires 100% partnership interests in Vama Inverters LLP and Goldi Energy LLP; the parties operate across solar modules manufacturing, sale of solar inverters, and provision of EPC services in the solar sector, and a detailed order will follow.