Goldi Solar Secures Landmark ₹1,422 Crore Growth Capital Led by Havells and Top Indian Investors

October 29, 2025, Mumbai: Goldi Solar Pvt. Ltd., one of India’s largest solar PV module manufacturers with an annual capacity of 14.7 GW, has secured a landmark growth capital infusion led by Havells India Limited, alongside a distinguished consortium of high-net-worth individuals (HNIs), institutional, strategic, and prominent investors. This milestone reflects robust investor confidence in Goldi Solar’s vision, growth trajectory, and its pivotal role in India’s clean energy transition.

Havells India Limited, a leading Indian electrical equipment company renowned for its commitment to innovation and sustainability, is spearheading this investment. Havells’ strategic investment in Goldi Solar underscores its dedication to advancing India’s renewable energy sector and aligns with its vision to foster technological leadership and sustainable growth. By partnering with Goldi Solar, Havells aims to accelerate the adoption of high-efficiency solar technologies and contribute to the nation’s clean energy ambitions.
Joining Havells in this growth capital infusion are several other prominent investors, friends and families, Ambit Wealth Private Limited, Nikhil Kamath, Shahi Exports Private Limited, SRF Transnational Holdings Limited, Karmav Real Estate Holdings LLP, NSFO Ventures LLP, and Godwitt Construction Private Limited. These value-aligned investors are among India’s most forward-thinking capital providers and bring extensive expertise in sustainable growth initiatives.
The growth capital infusion was advised by SBI Capital Markets Limited, with Saraf and Partners serving as company counsel, ensuring robust governance and strategic direction throughout the process.
Through these investments, the consortium will actively support Goldi Solar’s continued expansion as a global renewable energy leader, built on a strong foundation of governance, values, and performance. The funding will facilitate Goldi Solar’s manufacturing capacity expansion, strengthen backward integration into solar cell production, and accelerate innovation in high-efficiency solar technologies, while expanding the company’s go-to-market efforts.
The synergy of these corporate partnerships and impact-driven capital remains a cornerstone of Goldi Solar’s strategy to scale best-in-class solar manufacturing and circular economy solutions within India.

On this historic milestone, Capt. Ishver Dholakiya, Founder & Managing Director, Goldi Solar Pvt. Ltd., said
“This landmark investment marks a transformative chapter for Goldi Solar. With the backing of visionary partners like Havells and other esteemed investors, we are empowered to scale new heights in solar manufacturing and innovation. Together, we will drive the next wave of growth, setting new benchmarks in governance, sustainability, and performance. Our shared commitment will help Goldi Solar lead the global renewable energy transition, delivering impactful solutions for a cleaner, brighter future.”
Goldi Solar has expanded its Solar PV Module manufacturing capacity nearly fivefold – from 3 GW to 14.7 GW in the last 12 months and is developing solar cell manufacturing expansions in Surat, Gujarat. The company will continue to introduce high-efficiency solar PV modules and cells incorporating emerging technologies to meet India’s growing clean energy needs.

About Goldi Solar
Founded in 2011, Goldi Solar is one of India’s largest solar PV module manufacturers, headquartered in Surat, Gujarat. Over the last 14 years, the company has built a strong track record of innovation, quality, and growth in the renewable energy sector. With a robust order book for FY26, Goldi Solar continues to deliver sustainable energy solutions for India and global markets.