ReNew open to selling minority stake in solar module manufacturing capacity: CEO Sumant Sinha

Renew Energy Global (Nasdaq: RNW), a decarbonisation solutions company, is looking at selling a minority stake in its solar module manufacturing units, the company's founder, chairperson and Chief Executive Officer Sumant Sinha said on November 20.

ReNew is setting up a 2-GW module manufacturing capacity in Dholera, Gujarat, and another 4 GW in Rajasthan, both of which are now in the process of getting commissioned. The facility is being built under the second tranche of the Production-Linked Incentive (PLI) scheme being offered for high efficiency solar module manufacturing units by the Indian government.

"We are totally open to selling some stake of our solar module manufacturing plant. We do not intend to keep 100 percent stake of it. Our intention behind setting up such units is to assure ourselves of supply security and as long as we are able to do that, it meets our primary objective," Sinha said in a post-earnings call with analysts.

ReNew, on November 20, reported a net profit of Rs 377.1 crore for the quarter that ended in September, compared to a net loss of Rs 98.6 crore for Q2 FY23.