Electrical equipment maker Havells India today said it will increase its stake in Bangalore-based Promptec Renewable Energy Solutions to up to 70 per cent 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 per cent stake and the shareholders of Promptec, whereby the company has agreed to acquire up to 70 per cent 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. “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.