Carborundam Universal (Cumi), part of $ 3.03-billion Murugappa Group, is all set to test waters in the fast-growing renewable energy market with plans being lined up for manufacturing equipment for solar power as well as other green technology industries. Cumi, a key player in abrasive, electrominerals and refractory businesses, will be getting into designing and manufacturing of products for solar photovoltaic, water conservation, and other green-technology industries. ?The company has sought shareholders nod to enter the renewable energy segment. Most probably the company will have a joint venture in place for this new segment of business,? said a source close to the development.
In line with the announcement of Jawaharlal Nehru Solar Mission in 2010, which aims to accelerate the solar energy production in India to 20 gigawatt by 2012, Cumi has plans to leverage the incentives provided by the government, the source said adding, the company expects that this would be a very promising sector to invest in. ?Given the company’s strength in material science, it is well positioned to supply products addressing solar power, water conservation, and preservation and therefore, these activities can be conveniently and advantageously combined with the existing business of the company,? Cumi said in note to its shareholders. Apart from machineries for solar power industry such as mono and multi crystaline and thin film panels, photovoltaic wafers, modules, concentrated type solar cells, the company will be getting into manufacturing of many other products such as kilns, ovens and heating equipment.
