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 Partner Siddharth Mody, with support from the following teams:

The Transaction Team (Private Equity) comprised Partner Anurag Shrivastav, Senior Associate Tanmayee Sahoo, and Associates Vidushi Jain & Gavin Ignatius Pereira.

The Diligence Team comprised Partners Siddharth Mody, & Anurag Shrivastav, Senior Associate Tanmayee Sahoo, & Associates Ayush Chaturvedi, Vidushi Jain , Regan D’Mello, Gavin Ignatius Pereira and Junior Associate Prakhar Jain.

The Competition Team comprised Partners Vaibhav Choukse, & Ela Bali, Senior Associates Aditi Khanna, & Faiz Rehman Siddiqui, and Associate Arundhati Rajput (Associate).