Chiripal Group to venture into solar equipment space

07 Jul 2022 CW Team

Ahmedabad-based conglomerate Chiripal Group, which operates in the textile, petrochemicals, education, non-banking finance, and infrastructure sectors, plans to diversify into the solar power equipment space with an estimated investment of Rs 60 billion with a project in Jaipur.

“A new company, Chiripal Renewable Energy, is being formed for the project. Chiripal Group has purchased 26 acres of land at Dudu, situated on the Jaipur-Delhi national highway. We will make solar panels, cells and glass at the facility,” said Vinay Thadani, chief executive officer of Vishal Fabrics, the flagship company of the group.

The solar equipment project will be fully commissioned in the next four years in four phases, said Thadani, who is also director of the new company. The first phase will be commissioned by the end of June 2023. The group will apply for benefits under the product linked incentive scheme, he said.

The solar equipment plant will have the capacity to produce 4 gigawatt (GW) solar panels, three GW solar cells and 300 metric tonne (MT) solar glass, Thadani said.

Despite the pandemic and higher cotton prices, Vishal Fabrics’ exports increased to 20% of total sales of Rs 15.50 billion in 2021-22 from around 9% in the previous year, Thadani said.

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