INOXGFL Group to spend ₹1,500 crore for solar foray — Here is how shares reacted – CNBC TV18

The INOXGFL Group has announced a foray into the solar business in order to make the group a complete renewable energy solutions provider.

The group intends to spend ₹1,500 crore for initial manufacturing capacities of 5 GW of solar modules and 2.5 GW of solar cells by 2026.

This foray will be done through Inox Solar, a new entity held privately by the promoters of the group. Inox Solar aspires to be among the fastest growing solar platforms in the country.

Inox Solar also intends to provide turnkey EPC solutions, including land acquisition and power evacuation, through its group company Inox Renewable Solutions Ltd. It also plans to offer post commissioning operations and maintenance (O&M) service through Inox Green Energy Services.

Inox Solar’s first solar module manufacturing unit, with an initial capacity of 1.2 GW is expected to be operational by March 2025. The facility is expected to manufacture TopCon modules.

“For the INOXGFL Group, solar manufacturing is a natural extension as it completes the group’s interests across the entire renewable energy ecosystem,” the company said in a statement. With this, it will have presence across EV, Energy Storage, Wind, Solar, and Green services.

“Our vision is to deliver comprehensive renewable solutions, supported by world-class manufacturing capabilities and turnkey services,” Devansh Jain, Executive Director of the INOXGFL Group was quoted as saying.

In response, shares of Inox Green Energy gained as much as 4% post the announcement, while Inox Wind recovered most of the losses to trade around the flat line.