Has the West Asia crisis affected you?
Demand has not been affected as we are focused on the domestic market. However, logistics costs and delivery timelines have increased by about 15-20 per cent. Shipments that took 20 days now take 24-25 days due to congestion and vessel shortages. The operating cycle for me has increased.
What is the planned investment for your company’s upcoming module and cell manufacturing facilities?
We are currently operating 6.5 gigawatt (Gw) of module capacity in Dudu near Jaipur with an investment of ₹1,400 crore. We are adding 3 Gw of solar cell capacity to be commercialised next month at our Narmadapuram facility near Bhopal. In the same vicinity, we plan to add another 5 Gw of capacity expected to be commercialised by March 2027. We have already invested ₹2,000 crore for the first phase, which is almost complete. The additional 5 Gw expansion will cost around ₹3,700 crore. This capex is either already completed or under implementation.
Do you plan further backward integration into ingots and wafers?
As a production-linked incentive (PLI) awardee under a government scheme, we fall under the wafer-cell-module (WCM) category. We are planning to set up 3 Gw of ingot and wafer capacity in Madhya Pradesh, which will be operational in line with the ALMM wafer mandate coming into effect from June 2028. We further plan to scale this up to 8 Gw over the subsequent two years. We have already procured land, completed basic and detailed engineering, and are currently finalising equipment and technology.
Are you assessing overseas markets for exports?
Currently, we are focused on the domestic market. Earlier, we were exploring the US, but due to uncertainties we are now looking at Europe and MENA (Middle East and North Africa). Europe, in particular, is looking to diversify away from China, which presents an opportunity for Indian manufacturers. We are in touch with a few customers from Europe who are interested in buying Indian modules in lieu of Chinese modules. We aim to begin exports to the region by Q4 of
With ALMM List 2 coming, do you foresee a shortage of solar cells?
Projects bid before August 31, 2025, can still use non-DCR modules, covering about 80 Gw of demand over the next two years. India’s annual installations are around 50-55 Gw. I see no shortage of DCR cells because the segment this year is going to be 30-35 per cent of total installations. Even if annual addition grows to 60 Gw, DCR demand will be about 18-20 Gw. We already have around 27 Gw of ALMM-listed cell capacity, and another 11-12 Gw will be added in the next six months. So, total capacity will reach about 40 Gw, which is sufficient.
What new business areas do you plan to explore in the next couple of years?
Apart from expanding manufacturing, we are evaluating entry into BESS, with a potential capacity of 10 Gwh (Gigawatt-hour),
and green data centres where around 85 per cent of energy requirements will be met through solar supported by battery storage. These are currently at the planning stage and subject to board approval.
How effective has the PLI scheme been in helping you in manufacturing?
It came at the right time in 2022-23 when government support was needed. However, we did not factor the financial incentive into our project planning. Its advantage has been direct access to policymakers. We have regular review meetings chaired by the MNRE Secretary, where we share ground-level industry realities.
Is Grew Solar exploring opportunities in the rooftop solar segment?
Under the PM Surya Ghar scheme, the domestic content requirement is mandatory for rooftop solar, including locally manufactured cells. We were not active in this segment but now, with our cell production starting next month, we are entering this segment through channel partners.
There are concerns about rising module prices globally. Are you facing margin pressures?
Prices have increased due to higher costs of commodities like silver, aluminum, and copper. However, these costs are typically passed on within 15-30 days. Apart from short-term pressure, margins remain intact.
