Vikram Solar is building a dedicated global business vertical and exploring local manufacturing partnerships overseas as part of a ₹15,000-16,000-crore expansion that will extend its operations from solar modules to cells, wafers, ingots and battery storage, Chairman and Managing Director Gyanesh Chaudhary told FE.
The company is setting up dedicated teams and hiring across Australia, Europe, Sri Lanka and Singapore to expand exports, develop partnerships and introduce its energy solutions in new markets.
“Vikram Solar has built a strong international presence over the last two decades through overseas subsidiaries, regional offices and local teams,” Chaudhary said. The firm has shipped products to over 39 countries and crossed 10 GW of cumulative global shipments earlier this year.
It is expanding its commercial presence across Australia, Germany, Italy, Spain, Sri Lanka and the US, while building long-term partnerships with distributors and key accounts. Vikram Solar has wholly owned subsidiaries in the US, Germany, Australia and Singapore.
“In parallel with our commercial expansion, we are advancing initiatives to establish localised manufacturing and strategic supply-chain partnerships across these markets,” Chaudhary said.
The overseas push comes as global buyers increasingly adopt China+1 sourcing strategies and tighten supply-chain traceability requirements, including those linked to the US Uyghur Forced Labor Prevention Act.
“Leadership is no longer defined by manufacturing scale alone, but by technology and supply-chain resilience,” Chaudhary said.
The company plans to invest close to ₹15,000-16,000 crore to add 6 GW of module capacity and establish 12 GW each of solar-cell and wafer-and-ingot capacity. The programme will be funded through internal accruals, debt and IPO proceeds, with future project financing targeted at a debt-to-equity ratio of 3:1.
Vikram Solar aims to scale installed module capacity to 15.5 GW and cell capacity to 12 GW by FY27, followed by 12 GW of wafer and ingot manufacturing by FY30.
The company currently operates a 3.2-GW facility at Falta in West Bengal and plants of 1.3 GW at Oragadam and 5 GW at Vallam in Tamil Nadu. Its upcoming Gangaikondan unit rolled out its first module earlier this month.
Vikram Solar will also launch battery energy-storage system assembly in FY27 and begin integrated battery-cell manufacturing with 7.5 GWh capacity by FY29. Its VSL Powerhive business has secured a 100-MWh order and is in advanced discussions with cell-technology licensors and manufacturing partners.
The company is also monitoring production-linked incentive allocation cycles and preparing submissions for eligible government incentive programmes.
“India has made strong progress on module manufacturing, but cell, wafer and ingot capacity remain largely import-dependent today,” Chaudhary said. He expects visible improvement in domestic cell and wafer integration over the next five years, while full backward integration will remain a long-term goal.
The expansion comes as ALMM (Approved list of models and manufacturers) List-II enforcement shifts fresh demand towards domestic-content-compliant products. Chaudhary expects DCR (domestic content requirement) products to retain premium pricing until additional domestic cell capacity comes online, while competition and margin pressure intensify in the non-DCR market.
