Havells to buy 26% stake in Kundan Solar for new 15 MWac green energy project

Havells India Ltd on Wednesday, November 26, said its board of directors has approved the acquisition of a 26% stake in Kundan Solar (Pali) Pvt Ltd, a special purpose vehicle (SPV) set up to develop and operate a solar power plant.

Kundan Solar, incorporated on April 3, 2025, is a subsidiary of Kundan Green Energy Pvt Ltd, part of the Kundan Group, which is engaged in renewable power generation and power trading. The SPV has been created specifically for “developing, installing, operating, managing

and maintaining solar power plant,” the filing noted.

Havells said the move is part of its long-term strategy to cut fossil fuel dependence and transition to clean energy. As per the filing, “Under the Electricity Laws, Havells is required to hold a minimum of 26% shareholding to qualify as a captive consumer.”

Kundan Solar will set up a 15 MWac solar power plant, and Havells plans to sign a long-term power purchase agreement (PPA) of up to 25 years once the project becomes operational. The investment of ₹5.63 crore will be made in multiple tranches linked to project milestones and is expected to be completed by June 30, 2026.

The company said the arrangement will bring “savings in power cost at plant locations in Rajasthan with payback within ~12-18 months from the date of commissioning.” The solar plant is expected to be commissioned in Q2FY26-27.

Havells also clarified that although the promoters of the Kundan Group are related to one of Havells’ promoters, the Havells promoter group has no interest in the SPV whose equity shares are being acquired.

Shares of Havells India Ltd ended higher on Wednesday, November 26, by 1.32% at ₹1,438.20 on the NSE.

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