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Vikram Solar plans to double PV module manufacturing capacity

PB Jayakumar     November 3, 2019

Kolkata based Vikram Solar, one of the leading manufacturer of solar photovoltaic (PV) modules and an integrated solar solutions provider in the country, is planning to almost double its capacity.

Vikram Solar, which currently has capacity to manufacture 1.1 gigawatt (GW) of PV modules, is planning add another one GW. "We have not decided when to add the capacity as the business environment and investor sentiments currently are not favorable to add capacities. Once India comes up with a proper solar policy, we will add the capacity considering the Government's plans to take solar capacity in the country from 100 GW to 450 GW in the long term and the huge potential the industry has in the coming years", Amit Gupta, director, Vikram Solar, exclusively told Business Today.

He said the expansion at its manufacturing facility in Kolkata, will entail an investment of about Rs 1,400 crore as per the current business dynamics. He said the current manufacturing capacity has a utilization of over 80 percent.

One of the earliest entrants in India's solar PV manufacturing space in 2006, the Rs 2,000 crore plus revenue Vikram Solar is a global solar industry player employing over 2,500 people in 11 countries. Its US facilities include a business offices in Framingham, Massachusetts and warehouses on the East and West coasts. Vikram Solar, led by Gyanesh Chaudhary, Managing Director and CEO, is cent percent family owned business of Kolkata based privately held Vikram Group, which is into various manufacturing business for over 45 years.

"Though business has been growing at good rates over the years, there is margin pressure following the ongoing stalemate in the industry", said Amit Gupta.

Vikram Solar, which recently commissioned a 200 MW solar power project for Andhra Pradesh Power Generation Corporation (APGENCO), is also executing a a 140 MW solar plant project from the National Thermal Power Corporation Limited (NTPC) at Bilhaur village near Kanpur in Uttar Pradesh, at a 700 acre area. In the past, Vikram Solar had done a 50 MW solar plant project in Mandsaur, Madhya Pradesh and a 130 MW solar project in Bhadla, Rajasthan for NTPC. The company also sells rooftop modules and has capabilities to execute floating solar plants.   

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