Rajesh Adani and Gautam Adani’s dynamo, the Adani Group is focusing on Mundra Solar PV Ltd to make it a billion-dollar subsidiary in the coming years. Mundra Solar PV Ltd is Adani Group’s Photo-Voltaic (PV) panel producing arm.
Mundra Solar hopes to scale its current operations and production parameters by 150% of its current capacity. The plan is to increase manufacturing capacity of modules and cells from 1,200 MW to 3,000 MW.
In an interview, the company’s chief executive Ramesh Nair explained, “We are very buoyant on growing our business, and we are positive we will expand it depending on the way the government policy comes out.”
According to Nair, the arrangement and key components are on the ground as the center has given them a green light. This will be in case hike of the safeguard duty and the manufacturing policy are in its final stages.
Ramesh Nair added, “Recently, the government announced that it will amend bidding rules to allow pass-through of duty hike on solar. This has come as a major relief for developers as well. We hope we will be able to become a $1 billion company in the next 2-3 years.”
Mundra Solar PV Ltd has a manufacturing unit with a capacity of 1,200 MW at Mundra, Gujarat, in a Special Economic Zone (SEZ).
Nair brought special attention to the rising adulteration of the market caused by Chinese PV products. He said, “Manufacturing in India will have to increase as we cannot continue with letting Chinese products being dumped here. With the recent decisions taken and the government’s vision of 100 GW of solar capacity by 2022, manufacturing capacities in India will increase.”
The Adani Group’s CEO believes the 100 GW target by 2020 can be achieved easily. All that the government has to do is award more contracts.