JSA advised Havells India Limited in connection with its proposed strategic minority investment of ₹600 crore (~USD 72 million) in Goldi Solar Private Limited, as part of Goldi’s ₹1,300 crore (~USD 156 million) fundraise to support its ongoing capacity expansion and backward integration initiatives.
As part of the investment, Havells will acquire an 8.90% to 9.24% stake in Goldi Solar, subject to the final round size. The transaction also provides Havells with a board seat and customary investor rights in the company.
The deal marks a notable regulatory milestone as the Competition Commission of India (CCI) assessed the solar modules and solar cell markets for the first time, reflecting the growing significance of the renewable energy sector. The CCI granted its approval on June 10, 2025, within 42 calendar days.
The JSA team was led by Siddharth Mody (Partner), with support from the following teams:
Transaction Team (Private Equity):
- Anurag Shrivastav (Partner)
- Tanmayee Sahoo (Senior Associate)
- Vidushi Jain (Associate)
- Gavin Pereira (Associate)
Diligence Team:
- Siddharth Mody (Partner)
- Anurag Shrivastav (Partner)
- Tanmayee Sahoo (Senior Associate)
- Ayush Chaturvedi (Associate)
- Vidushi Jain (Associate)
- Regan D’Mello (Associate)
- Gavin Pereira (Associate)
- Prakhar Jain (Junior Associate)
Competition Team:
- Vaibhav Choukse (Partner)
- Ela Bali (Partner)
- Aditi Khanna (Senior Associate)
- Faiz Siddiqui (Senior Associate)
- Arundhati Rajput (Associate)
Anurag is part of the Corporate practice group of JSA, with more than 12 years of post-qualification experience. He specializes in M&A, private equity transactions and general corporate advisory.