An Indian IT provider has opened a solar module manufacturing facility with a nameplate capacity of 60MW in Mumbai, according to reports in local media.
Indian newspaper Economic Times said that Rolta Power, a subsidiary of Rolta Group, has invested 100 crore INR (US$16.4 million) in the factory. Rolta Group is a Mumbai-headquartered multinational conglomerate working in IT across a range of sectors including banking, defense and oil and gas.
The modestly-sized factory could be ramped up to a capacity of 300MW in the next two to two and a half years.
Another domestic news outlet, the online Business Standard, quoted an interview with Rolta Power managing director Aditya Singh, who said that the Indian government’s support for solar power made it an apt time for the company to enter the market.
“We believe this is the right time to enter the solar market considering the emphasis by the government on this sector.”
According to Business Standard, Singh said that proactive legislation, grants and policy support meant that it could be profitable for the firm to ‘backwards integrate’ and add the extra manufacturing capacity in the near future. Singh also said the company planned to fund its activities in solar through internal accruals, and had a “healthy debt-equity ratio of 1:1”.
Revenues could hit around R300 crore (US$49.2million), Singh was quoted as saying.
The recently incoming government headed by Narendra Modi appears to have been broadly supportive of the solar industry, including a report that the country is aiming for 20GW of large-scale projects by 2020.
Analysts Bridge to India, also stated an expectation earlier this month that the government is set to “overhaul” India’s national solar mission, with a new and “more ambitious” scheme expected to be put in place.