In an exclusive interview with CNBC-TV18, K Vasudeva Rao, Excutive Director of XL Telecom, spoke about the latest happenings in the company and his outlook for the sector.

Here is a verbatim transcript.

Q: It was a rather dismal set of numbers—net sales at Rs 15 crore versus Rs 257 crore that you notched up a year ago and the company going into a loss. Any chances of turn around, is your order book healthy enough to ensure a turn around by the end of the current financial year?

A: We do hope to revive in a very big way. As you know the global economic conditions have really put the solar in a horrible position in the last 12 months. But we see very huge opportunities in the next six-eight months and we have currently licenses close to about 55 mega watt worth solar farms to be implemented in Europe. We are hoping the financial closure in the next two-three months. Once it happens the XL Telecom should get close to about Rs 1000 crore orders by implementing these solar farms in Europe. So the next six-eight months is crucial in terms of turning around the company in a very big way. But we have been suffering since the last nine due to lack of opportunities and lack of financial closure in Europe rather than demand issue.

Q: Just to talk a little bit about your domestic growth—you have seen a big order from BSNL after a very long time if you could just elaborate on that and how it fits into this scheme of things for you?

A: Last year the Department of Telecom (DoT) has started initiatives to get into the fixed wireless phones to be powered by the non-conventional energy and they have created a new system and we have participated in that tender. We were the lowest bidder and we have got 50% of the order at this point of time close to Rs 24 crore.

We do see huge potential even in the domestic front because later in this week November 14, Dr Faruk Abdullah and the Prime Minister are supposed to announce large solar initiatives in India. They are talking of generating 20 gigawatt worth of solar from solar energy by 2020. So we do hope there is a huge opportunity like in Europe even in India going forward.

This is the first time we are getting into the domestic opportunity and we were really competitive and we were able to beat all our competitors like Moser Baer and other people and won the order. On execution of this we should be getting a repeat order as well.