Havells India announced that the Executive Committee of the Board of Directors of the Company, in its Meeting held today on 21st June, has approved the exercise of ‘Call Option’ in terms of the Shareholders’ Agreement dated April 22, 2015 amongst the company, Promptec Renewable Energy Solutions Pvt Ltd (Promptec) and the Promoters of Promptec.
With exercise of this Call Option, Havells India will now invest up to 100 per cent in the Paid-up Share Capital of Promptec, by way of purchase and/or acquisition of remaining Equity Shares.
Promptec, a subsidiary where the Company presently holds around 69 per cent stake, is a Bangalore-based entity engaged in marketing and manufacturing of LED products including street lighting, office lighting and solar lighting.
