RenewSys to invest Rs 6,000 crore in Telangana for solar PV units
RenewSys India Pvt Ltd has announced its plans to set up multiple PV modules and PV Cell manufacturing units in Telangana, with an investment of about Rs 6,000 crore in a phased manner. The company has signed an MoU with the Industries Department of Telangana for this purpose, and the investment is expected to generate direct employment for 11,000 people over the next five years.
The MoU was signed in the presence of Minister for Industrial and Commerce D. Sridhar Babu in their factory premises at Fab City, Maheshwaram near Hyderabad. RenewSys, which already has three manufacturing plants in India, plans to set up two new lines of 1 GW each (solar PV modules) and one new line of 1 GW capacity (solar PV cells) in the coming years.
The company, which is the renewable energy arm of the Enpee Group, 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 achieved an impressive 20-fold revenue increase. The company plans to maintain its focus on keeping the Hyderabad unit as its single largest manufacturing hub and expects encouraging state-level incentives to accelerate its investment and expansion plans in the region.
RenewSys, which has offices in key markets around the world, is also in the process of denotification within a Special Economic Zone in Hyderabad with the help of Telangana State Industrial Infrastructure Corporation (TSIIC).
Overall, the company’s investment in Telangana is a testament to its commitment to renewable energy and its faith in the region as a key player in the industry. With the signing of the MoU and the planned investment, RenewSys is poised to significantly contribute to the growth of the renewable energy sector in the state.
