Make in India: Solar companies prepare IPOs
POWER & RENEWABLE ENERGY

Make in India: Solar companies prepare IPOs

Solar panel manufacturers Vikram Solar and Waaree Energies have appointed investment banks for their respective initial public offerings (IPOs) as the firms look to develop business riding the drive for local manufacturing.

Both the firms, Vikram Solar and Waaree Energies, aim to raise about Rs 1,500 crore each.

Vikram Solar has hired JM Financial and has begun working on its IPO while Waaree Energies has hired Axis Capital and ICICI Securities for its IPO, one of the three people told the media. While both firms aim to raise capital to fund improving their manufacturing capacities, in the case of Vikram Solar, a substantial part of the profits will move towards decreasing its debt. Waaree Energies practically is debt-free currently.

There is a strong government push to increase domestic manufacturing of solar panels, given the huge capacities that India aims to establish in the coming years, and so far, there has been a huge dependence on imports of solar panels, notably from China. The government’s goals to bring in high duties on imports of cells and solar panels is a big boost for domestic manufacturers, the second person mentioned above said.

India is running the world’s largest clean energy programme to reach 175 GW of renewable capacity, comprising 100GW of solar power by 2022. As per the Central Electricity Authority, by 2030, the country’s power demand would reach 817 GW, more than half of which would be clean energy; of this, 280 GW would be from solar energy alone.

To accomplish the aim of 280 GW, about 25 GW of solar power capacity is required to be established every year till 2030.

Image Source


Also read: Lucknow Smart City floats tender for 8.5 MW rooftop solar systems

Also read: Mitsui to invest Rs 30 cr in biomass supply-chain firm in India

Solar panel manufacturers Vikram Solar and Waaree Energies have appointed investment banks for their respective initial public offerings (IPOs) as the firms look to develop business riding the drive for local manufacturing. Both the firms, Vikram Solar and Waaree Energies, aim to raise about Rs 1,500 crore each. Vikram Solar has hired JM Financial and has begun working on its IPO while Waaree Energies has hired Axis Capital and ICICI Securities for its IPO, one of the three people told the media. While both firms aim to raise capital to fund improving their manufacturing capacities, in the case of Vikram Solar, a substantial part of the profits will move towards decreasing its debt. Waaree Energies practically is debt-free currently. There is a strong government push to increase domestic manufacturing of solar panels, given the huge capacities that India aims to establish in the coming years, and so far, there has been a huge dependence on imports of solar panels, notably from China. The government’s goals to bring in high duties on imports of cells and solar panels is a big boost for domestic manufacturers, the second person mentioned above said. India is running the world’s largest clean energy programme to reach 175 GW of renewable capacity, comprising 100GW of solar power by 2022. As per the Central Electricity Authority, by 2030, the country’s power demand would reach 817 GW, more than half of which would be clean energy; of this, 280 GW would be from solar energy alone. To accomplish the aim of 280 GW, about 25 GW of solar power capacity is required to be established every year till 2030. Image Source Also read: Lucknow Smart City floats tender for 8.5 MW rooftop solar systems Also read: Mitsui to invest Rs 30 cr in biomass supply-chain firm in India

Next Story
Infrastructure Urban

3i Infotech Reports Rs 7.25 Bn Revenue for FY25

3i Infotech, a leading provider of digital transformation, technology services and technology solutions, announced its consolidated financial results for the fourth quarter and full year FY25, ended on March 31st, 2025. The company maintained its growth momentum, displaying consistent progress for the 3rd consecutive quarter.In Q4 FY25, 3i Infotech reported revenue of Rs 1.87 billion, reflecting steady performance compared to Rs 1.81 billion in Q3 FY25 and Rs 1.97 billion in Q4 FY24. The company delivered strong profitability improvements, with gross margin growing by 14.8 per cent Q-o-Q and 1..

Next Story
Infrastructure Urban

Emerald Finance Joins Baya PTE to Boost SME Bill Discounting

Emerald Finance is a dynamic company offering a spectrum of financial products and services including its flagship Earned Wage Access (EWA) in India, has entered into a strategic partnership with Singapore-based Baya PTE through its Indian subsidiary. This collaboration aims to strengthen bill discounting services for Small and Medium Enterprises (SMEs), enabling faster access to working capital and improved cash flow management.The initiative is designed to support SMEs that supply to large corporates such as JSW Steel, Delhivery, and PVR INOX, among others. By facilitating timely invoice dis..

Next Story
Infrastructure Urban

BLS E-Services Crosses Rs 5 Bn Revenue Mark in FY25

BLS E-Services, a technology-enabled digital service provider, announced its audited consolidated financial results for the quarter and full year period ended 31 March 2025.Speaking about the performance and recent updates, Shikhar Aggarwal, Chairman, BLS E- Services said, “We are delighted to report a remarkable performance in FY25, as we achieved several milestones during the fiscal year. FY25 marked our highest-ever financial performance, as we surpassed Rs 5 billion milestone in Total Income during the year, which was reported at Rs 5.45 billion, a notable YoY growth of 76 per cent. The ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?