Hindalco denies report on solar module manufacturing foray

The solar module manufacturing will be a good fit given Hindalco's dominance in aluminium manufacturing, one of the sources said.

Hindalco Industries on Wednesday denied a Reuters report that the company is planning to produce solar modules after the news agency reported that the company plans to start solar modules manufacturing and set up a plant in the western state of Gujarat.

"There are no developments of this nature. Any discussions on this topic are purely speculative," the metals firm said, calling the report "false and baseless."

Hindalco Industries owned by cement to fashion retail conglomerate Aditya Birla Group, is evaluating a five-year plan in the competitive sector, one of the sources said.

Hindalco has identified land in port town Mundra in Gujarat, the second person said.

India's No.2 aluminium maker, Hindalco Industries, is yet to get board approval and finalise its capital expenditure plans, both sources said.

The people declined to be named as they were not authorised to speak to the media.

The solar module manufacturing will be a good fit given Hindalco's dominance in aluminium manufacturing, one of the sources said.

Hindalco did not immediately respond to a Reuters request for comments.

If implemented, this would be the company's first foray in manufacturing green energy components. In 2022, the company had signed a collaboration with Greenko Group to produce solar and wind capacity for its smelter.

Some of India's top energy companies are already involved in solar module manufacturing.

Oil-to-chemicals conglomerate Reliance Industries has plans to start making solar modules later this year at its giga factory in Jamnagar, Gujarat, while Tata Power is already producing solar modules and cells at its plants.

India is expanding its renewable energy capacity and aims to add at least 500 gigawatts of clean energy by 2030.