Gujarat Venture Finance Ltd. (GVFL) has acquired 26.8% stake in Pegasus Semiconductors Pvt. Ltd. for Rs 3.5 crore.

Ahmedabad-based Pegasus offers energy efficient and low cost lighting solutions using LEDs and solar technologies. Among various products of the company, the majority of business comes from 220V LED Street Light System, LED based Solar Home Lighting System and Street Lighting System.

According to GVFL, the Pegasus' products will help customers save half of the energy in comparison to compact fluorescent lamp (CFLs) as they require very low maintenance and have longer life of over 10 years.

The fund raised through the investment by GVFL will be used by the Pegasus, for the set up of a manufacturing plant on the outskirts of Ahmedabad for white light emitting diode (LEDs) semi-conductor chips.

The plant, which is set to commission within two years, will begin assembling at least 1,000-odd white LED light systems per month.

The upcoming plant requires an investment of around Rs 200 crore.