Gautam Solar, a well-known brand and one of India’s largest domestic solar module manufacturers, plans to expand its capacity with an investment of ₹ 1900 crore.
The company has a current capacity to produce 3.2 gigawatts of solar modules, with a base in Haridwar (1 GW) and Bhiwani (Haryana) (2.2 GW).
Gautam Mohanka, the company’s CEO, has shared an exclusive insight: “ Right now, we are expanding for nearly 5 GW and may increase this capacity according to demand. We are assuming this target will be achieved in the next 8- 10 months.”
The company plans to expand solar cell manufacturing with additional adding 2 GW and has already identified the potential locations for the same. A total investment of 1500 crore is estimated for this project, and it is expected to be completed within 18 months. The total investment for modules and cells is projected at 1900 crore.
Gautam Solar, founded by B.K. Mohanka, in 1998, is one of the most promising solar companies in India. For FY24 company reported approx 900 crore revenue and projected 1200 crore revenue for FY25.
Talking about the fundraising, Mohanka said, “The first 500 megawatts will be funded through internal accruals and bank debt, while the remaining 1.5 gigawatts will be financed through an initial public offering (IPO). Since IPOs take time, we will not delay expansion while waiting for it to materialise.”
He also emphasized that the company is currently focusing on the Indian market. Further, he said, “They also start small-scale export to the U.S., but are not aggressively doing this in the current situation. Before setting up any facility, they will wait and observe how solar demand evolves in the U.S.
The company’s move into solar cell manufacturing targets reducing dependency on Chinese imports. At present, a majority of India’s solar cell requirements are fulfilled through imports from China. India imposes approximately 24-25% duties on imported solar cells, including basic customs duty and other charges, to promote domestic manufacturing.
Recently, the government also imposed duties on floating glass imports from China, Hong Kong, and Vietnam. Mohanka added that there are so many manufacturers who have announced capacity expansions in solar cells, and once those come online, prices will drop to match Chinese prices.
Gautam Solar’s aggressive expansion marks a major step toward strengthening India’s domestic solar manufacturing ecosystem.
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