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Vikram Solar to sell shares for expansion
Solar panel maker Vikram Solar Pvt. Ltd is considering selling shares to private equity firms and the public to raise Rs.1,000 crore to quadruple its production capacity to 2000MW in the next four years, managing director and chief executive Gyanesh Chaudhary said.
Vikram Solar is betting that demand for solar panels will surge as the government has set a target of raising solar power generation capacity to 100 gigawatt (GW) from 6.7GW now, by 2022. The company will also venture into making of cells that go into production of the panels. India’s solar power capacity expansion programme, considered the largest in the world, is fueling investments into manufacturing of panels, an industry that is dominated by China in world markets with its 70% share.
According to government data, the country has an installed capacity of 5.6 GW of panel manufacturing and 1.2 GW of cell production. Vikram Solar expects to add 400 MW of panel production capacity every year to reach its expansion target. Read More….