INOXGFL Group forays into solar cells and modules with Rs 1,500 crore capex over two years

The INOXGFL Group has announced foray into solar manufacturing through a rapidly growing group entity, lining up capex worth Rs 1,500 crore over next two years to reach an initial capacity of 5 GW of solar modules and 2.5 GW of solar cell manufacturing, according to a company filing on December 11.

Inox Solar, a privately held entity by the promoters, will launch its first solar module manufacturing unit with an initial capacity of 1.2 GW in Gujarat, and is expected to be operational by March next year.

The group also aims to provide turnkey EPC solutions, including land acquisition and power evacuation, through Inox Renewable Solutions, and offer operations and maintenance services through Inox Green Energy.

With the solar foray, the INOXGFL Group completes its interests across the entire renewable ecosystem, with presence across EV, energy storage, wind and solar. "This foray into solar energy complements our existing strengths, making us a fully integrated player in the energy transition ecosystem," Devansh Jain, Executive Director of INOXGFL Group said. The capex for solar modules and solar cell manufacturing will drive 'energy independence' for stakeholders, Jain added.