Trio line up manufacturing capacity expansions in India as race for market footholds intensifies

Facebook
Twitter
LinkedIn
Reddit
Email
A Waaree Solar manufacturing line under development. Image: Waaree.

Three Indian manufacturers are said to be eyeing up investments in their solar manufacturing capacity as efforts to take advantage of protective measures and financial supports ramp up.

Reports in local press earlier this week suggested that India-based module manufacturers Vikram Solar and Waaree are considering the launch of initial public offerings (IPO), both aimed at raising around US$200 million, in a bid to finance new module manufacturing facilities.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Neither company responded to requests for comment by PV Tech this week.

The news came just a week after Delhi-based glass manufacturer Asahi India Glass and Vikasha Group, based in Ahmedabad, announced a joint venture to establish a solar glass manufacturing facility in Gujarat.

The facility, expected to be commissioned within the next 18 – 24 months, would have an initial manufacturing capacity equivalent to fulfil the glass necessary for around 3GW of solar modules, the companies said.

While Vikasha has experience in producing various components for solar modules, including frames, encapsulants and backsheets, the move would represent a diversification of Asahi into the solar glass market having historically focused on other glass segments, specifically the automotive sector. Asahi professes to currently supply around 70% of India’s domestic car manufacturing glass demand.

The expansions come as India is in the process of recalibrating its policy environment in order to stimulate more domestic investment in solar manufacturing. While safeguard tariffs on solar imports expired last week, essentially creating a window where overseas manufacturers can export to India without tariffs, a basic customs duty (BCD) is to come into force from 1 April 2022, levying duties of up to 40% on solar cells and modules.

The BCD, alongside a production-linked incentive (PLI) aimed at financially supporting manufacturers establishing new facilities in the country, is fully intended to revitalise India’s domestic solar manufacturing sector and reduce the dominance of Chinese manufacturers as the country prepares for a significant upscaling of solar PV deployment.

Last month RK Singh, India’s Minister of Power and New and Renewable Energy, told an industry event that it was “unhealthy” for Chinese manufacturers to dominate solar manufacturing, arguing that bases outside of China were necessary to reduce the risk of supply chain disruptions.

While Vikram Solar opened a new 1.3GW module manufacturing facility in Tamil Nadu last month, the first of a number of expansions lined up for the state, US thin film solar manufacturer First Solar also unveiled plans to open a 3.3GWdc module facility in the country, but stressed the expansion was subject to it receiving “satisfactory” incentives.

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.

Read Next

October 8, 2025
Despite policy headwinds on the federal level, there is optimism for the future of the US solar and storage sector.
October 8, 2025
Officials from Norway and Egypt have agreed provisional terms for the financing of the Dandara solar park in Egypt, which is being built and operated by Norwegian IPP Scatec.
October 8, 2025
Saatvik Green Energy has secured new solar PV module orders worth more than INR7 billion (US$84 million), to be delivered in this financial year.
October 7, 2025
Juniper Green Energy through its subsidiary Juniper Green Sigma Eight has signed a 70MW power purchase agreement with renewable energy giant Tata Power. 
October 7, 2025
OpenSolar has secured US$13.1 million in equity financing from technology investors, including Titanium Ventures, Google and others.
October 7, 2025
Doral Renewables has secured a PPA with an unnamed 'corporate buyer' for its 430MW Cold Creek solar-plus-storage project in Texas.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK