Fujiyama Power Plans IPO to Fund Expansion

03 Jan 2025 CW Team

Proceeds from the fresh issue will be allocated as follows: Rs 2.5 billion for establishing a manufacturing facility in Ratlam, Madhya Pradesh, Rs 3 billion for debt repayment, and the remaining for general corporate purposes. The company may also raise Rs 1.4 billion through a pre-IPO placement, which would reduce the size of the fresh issue.

Motilal Oswal Investment Advisors and SBI Capital Markets will act as the book-running lead managers, while Link Intime India is the registrar for the IPO.

Fujiyama specialises in rooftop solar solutions and manufactures solar modules, inverters, and lithium-ion batteries. It also supplies chargers and batteries for electric rickshaws. The company operates three manufacturing facilities:

Greater Noida, Uttar Pradesh: Solar modules (439 MW), inverters (1,143 MW), e-rickshaw chargers, and Li-ion batteries (45 MWh).

Parwanoo, Himachal Pradesh: Solar power conditioning units and UPS.

Bawal, Haryana: Tubular batteries (1,318 MWh).

The company is expanding its capacity with a new 600 MW solar module facility in Dadri, Uttar Pradesh, and additional capacities of 600 MW each for solar modules and inverters, and 500 MWh for Li-ion batteries at Greater Noida.

To address rising demand in western and southern India, Fujiyama plans an integrated facility in Ratlam, Madhya Pradesh, capable of producing 2,000 MWh of Li-ion batteries and 2,000 MW each of solar modules and inverters. Under the Madhya Pradesh Industrial Promotion Policy, 2014, the company aims to secure a 40% subsidy of up to Rs 1.5 billion for this project.

Fujiyama's distribution network spans over 480 distributors, 3,600 dealers, and 1,000 exclusive franchisees across India.

In a similar development, Maharashtra-based agri-solar solutions provider GK Energy has filed a DRHP to raise Rs 5.01 billion through an IPO, comprising a fresh issue of Rs 5 billion and an offer-for-sale of Rs 16.8 million.

(Mercom)

Noida-based rooftop solar solutions provider Fujiyama Power Systems (UTL Solar) has filed its draft red herring prospectus (DRHP) for an initial public offering (IPO). The IPO, with a face value of Rs 1 per share, includes a fresh issue of shares worth Rs 7 billion and an offer-for-sale of up to 20 million shares. Proceeds from the fresh issue will be allocated as follows: Rs 2.5 billion for establishing a manufacturing facility in Ratlam, Madhya Pradesh, Rs 3 billion for debt repayment, and the remaining for general corporate purposes. The company may also raise Rs 1.4 billion through a pre-IPO placement, which would reduce the size of the fresh issue. Motilal Oswal Investment Advisors and SBI Capital Markets will act as the book-running lead managers, while Link Intime India is the registrar for the IPO. Fujiyama specialises in rooftop solar solutions and manufactures solar modules, inverters, and lithium-ion batteries. It also supplies chargers and batteries for electric rickshaws. The company operates three manufacturing facilities: Greater Noida, Uttar Pradesh: Solar modules (439 MW), inverters (1,143 MW), e-rickshaw chargers, and Li-ion batteries (45 MWh). Parwanoo, Himachal Pradesh: Solar power conditioning units and UPS. Bawal, Haryana: Tubular batteries (1,318 MWh). The company is expanding its capacity with a new 600 MW solar module facility in Dadri, Uttar Pradesh, and additional capacities of 600 MW each for solar modules and inverters, and 500 MWh for Li-ion batteries at Greater Noida. To address rising demand in western and southern India, Fujiyama plans an integrated facility in Ratlam, Madhya Pradesh, capable of producing 2,000 MWh of Li-ion batteries and 2,000 MW each of solar modules and inverters. Under the Madhya Pradesh Industrial Promotion Policy, 2014, the company aims to secure a 40% subsidy of up to Rs 1.5 billion for this project. Fujiyama's distribution network spans over 480 distributors, 3,600 dealers, and 1,000 exclusive franchisees across India. In a similar development, Maharashtra-based agri-solar solutions provider GK Energy has filed a DRHP to raise Rs 5.01 billion through an IPO, comprising a fresh issue of Rs 5 billion and an offer-for-sale of Rs 16.8 million. (Mercom)

Building Material

11 Dec 2025

Suraj Estate Wins Euromoney Award for India’s Best Residential Developer

"Suraj Estate Developers Limited has received the Euromoney Real Estate Award 2025 for ‘India’s Best Residential Developer’, positioning the company among globally benchmarked leaders in the sector. The recognition reflects its four-decade legacy in delivering high-quality residential and redevelopment-led projects across South Central Mumbai. The Euromoney Real Estate Awards, presented by the London-based Euromoney magazine, are widely regarded as one of the most credible global assessments of performance in real estate, banking and finance. Winners are selected through surveys of inte..

Building Material

11 Dec 2025

Lloyds Metals, Tata Steel Sign MoU to Explore Strategic Collaboration

"Lloyds Metals and Energy Limited has signed a non-binding Memorandum of Understanding with Tata Steel Limited to evaluate potential areas of strategic cooperation across mining, logistics, pelletisation and steelmaking. The MoU was signed by B Prabhakaran, Managing Director of Lloyds Metals, and Mr T V Narendran, CEO and Managing Director of Tata Steel. The partnership framework aims to leverage the natural operational synergies between both companies and assess opportunities in greenfield steel projects, iron ore mining, slurry pipeline infrastructure, pellet manufacturing in iron ore–ric..

Building Material

11 Dec 2025

IndiaAI, Gujarat Govt Host Regional Conclave Ahead of 2026 AI Summit

The IndiaAI Mission under the Ministry of Electronics and Information Technology, along with the Government of Gujarat and IIT Gandhinagar, convened a Regional Pre-Summit Event at Mahatma Mandir, Gandhinagar. The initiative is part of the build-up to the India–AI Impact Summit 2026, scheduled for 15–20 February 2026 at Bharat Mandapam, New Delhi. The conclave brought together senior policymakers, technology leaders, researchers and industry practitioners to examine how AI can accelerate economic, digital and social transformation across sectors. The programme focused on the overarching th..