RenewSys India Pvt Ltd has unveiled ambitious plans to establish multiple PV modules and PV cell manufacturing units in Telangana, with an investment totaling approximately Rs 6,000 crore, to be phased in gradually.
The memorandum of understanding (MoU) was inked on Monday with the Industries Department of Telangana, in the presence of Minister for Industrial and Commerce D. Sridhar Babu, at their factory premises in Fab City, Maheshwaram.
The investment is projected to create direct employment opportunities for around 11,000 individuals over the next five years, according to an official release.
RenewSys, known for its pioneering efforts in setting up India’s first integrated manufacturing facility for solar PV modules and its key components, currently operates three manufacturing plants across Hyderabad, Bengaluru, and Patalganga, with Hyderabad serving as its largest integrated facility.
As per the MoU, the company will kick off the expansion by establishing two new lines of 1 GW each for solar PV modules during FY24, with an investment of Rs 500 crore. Subsequently, in FY25, a new line with a capacity of 1 GW for solar PV cells will be set up with an investment of Rs 1,250 crore.
Further expansion plans include investing Rs 550 crore in a solar PV modules project, consisting of two new lines of 1 GW each, slated to commence in FY27. Additionally, the company will inject Rs 1,750 crore into a solar PV cells manufacturing facility, featuring two new lines of 1 GW capacity each.
In a strategic move, RenewSys also intends to establish an aluminum plant with an investment ranging between Rs 1,700 crore to Rs 2,000 crore by FY29.
RenewSys, the renewable energy arm of the Enpee Group, an international conglomerate established in 1961, has a significant global presence, with offices in key markets including Mauritius, Nigeria, Singapore, South Africa, and UAE. The company has successfully exported PV products to nearly 50 countries worldwide.
Since initiating manufacturing operations of PV Modules and Cells in Hyderabad in 2015, RenewSys has witnessed an impressive 20-fold increase in revenue. The company aims to further consolidate its presence by maintaining Hyderabad as its primary manufacturing hub, leveraging favorable incentives to expedite its investment and expansion endeavors in the region.
RenewSys, which commenced operations within a Special Economic Zone in Hyderabad, is presently undergoing denotification in collaboration with the Telangana State Industrial Infrastructure Corporation (TSIIC).
