DuPont India to focus on solar cells, eyes $1 bn revenue

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New Delhi, Aug 22: Science-based products and services company, DuPont India is targeting revenues of $1 billion by the year 2012 from all its businesses in the country.

"Out of the $1 billion, we expect $30 million to come from Photovoltaic (PV) cells used for solar power products," said Balvinder S Kalsi, president and CEO, DuPont India while launching the DuPont Photovoltaic Solutions business in India. In 2007, DuPont India recorded net sales of $439 million. 

The DuPont Knowledge Centre, set up with an investment of Rs 150 crore in Hyderabad, will be operational by October this year.

The centre will house a research and development laboratory for PV Solutions. The lab would offer technical support to domestic customers in the PV industry, customisation and also support DuPont's global R&D initiatives in the segment," said Marc Doyle, business director, DuPont Photovoltaic Solutions Global.

It will also carry out research for DuPont's other verticals like agriculture and nutrition, coating and colour technologies, electronic and communication, performance materials and safety and protection. After the initial investment, the company's recurring investment in the centre will be Rs 150 crore every year.

The global PV industry is estimated to be around $30 billion and is growing at a rate of 50%. "In India it is just about $400 million but considering the sunshine factor and the government's push for solar energy, it is bound to grow much bigger and faster," Doyle added. India has 250-300 sunny days on an average, among the highest in the world. However, the contribution of solar energy is a negligible 0.2% of the total energy produced. "Solar energy is the only way by which the world's total energy requirement in the future can be fulfilled," said Kalsi.