Calcutta, April 20: Havells India, a leading electrical goods maker, will acquire a 51 per cent stake in Promptec Renewable Energy Solutions for about Rs 33 crore to enter the solar energy and LED street lighting segments.

"The board of Havells India today approved the acquisition of majority stake of 51 per cent in Promptec Renewable Energy Solutions at an enterprise value of Rs 65 crore," the company said.

The Havells scrip today rose 1.84 per cent on the BSE to Rs 291.15.

"Promptec is an ideal fit and the acquisition is expected to provide substantial impetus to Havells' growth plans in the high potential segments of LED and solar solutions," Anil Rai Gupta, chairman and managing director of Havells India, said.

"The alliance also marks the entry of Havells into the promising field of solar energy that could further be expanded, considering the number of renewable energy initiatives of the government," he added.

"We expect Promptec, which has revenues of Rs 35 crore to grow multi-fold with its innovative lighting solutions and be a Rs 250-crore business in next 3-4 years," Gupta said.

After the acquisition, the company said the share of LED in total lighting sales would rise to 40-50 per cent from 27 per cent.

The company had registered a growth of about 60 per cent in the LED segment in the third quarter.

"We sincerely believe that this partnership is a huge boost for Promptec as we get substantial reach through Havells brand and distribution platform. We continue to remain dedicated to this venture as in the past," said Kiran Moras, director of Promptec Renewable Energy Solutions. It will continue to hold the remaining 49 per cent after the acquisition.

Promptec had recently executed a LED street lighting projects in the municipalities of Kerala and supplied solar cellphone stations in the African market through Digicell besides executing projects for Infosys, the State Bank of India, Bhel and SAIL.