Ramky group all set for Rs 1,000 cr solar foray

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Hyderabad, Jun 23: The Rs 1,700-crore Ramky group, a multi-disciplinary company focussing on construction, infrastructure development, waste management, design-build-own-operate projects, real estate, infrastructure consultancy, finance and investment, is all set to venture into manufacturing of solar photovoltaic (PV) cells. Having a market cap of $3 billion, the company would be investing about Rs 1,000 crore for the proposed solar cell plant, to come up at the Fab City, Hyderabad.

Interestinlgy, the Fab City has attracted over 16 solar manufacturing companies, located on over 1,200 acres, and will soon be adding three more companies in the next few months. The investment by these three new companies is expected to generate about $2 billion.

‘’We are in talks with the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) for land at the Fab City for the proposed plant. It would have an initial capacity of 50 mega watts which would be scaled up to 100 mega watts in the next one year,’’ sources close to the know said. Incidentally, the company is planning to raise the required amout by divesting 10-15% of the promoter’s stake to part-finance this project, sources added. The project is expected to be commissioned in the next 8-10 months.

On the technology front, the company is in talks with a host of providers including Q-Cells, which is claimed to be world’s largest manufacturer of PV modules. Q-Cells’ core business is development, production and marketing of high-quality mono and multi-crystalline photovoltaic cell besides developing additional important technologies through partnerships for commercialisation of these technologies.

‘’Apart from Q-Cells, we are also evaluating other technology providers for a whole host of services for the solar project,’’ sources said adding that an in-house research team would also be in place and working independently.