India's ITI to increase solar panel production with USD-21m investment - report

Rooftop solar system in India. Author: Coshipi (clive.semmens.org.uk). Licensed under CC BY-SA via Flickr.

January 27 (Renewables Now) - Indian state-owned manufacturer of telecommunications equipment ITI Ltd (BOM:523610) plans to invest INR 1.5 billion (USD 21m/EUR 19m) to increase the manufacturing capacity at its solar panel facility to 90 MW in the coming fiscal year, the Press Trust of India (PTI) reported on Sunday.

The company's solar panel manufacturing plant in Naini, the state of Uttar Pradesh, has a capacity of 18 MW at present.

ITI hopes to get the funds for the expansion from the budget allocated to the Ministry of Communications' Department of Telecommunications, chairman R M Agarwal told PTI. The planned scale-up comes in response to demand for solar panels, especially for rooftop installations, from companies and state governments, he noted.

The company will wait for the government to provide the required funds for its capital expenditure in the fiscal year to March 2021 and will not use the funds it raises through a planned public placement for this, Agarwal was quoted as saying.

He added that ITI hopes to provide its panels for solar projects that win tenders held by electricity distribution companies in different states, to provide rooftop projects on turkey basis, and to supply panels for expected projects under the country's solar mission.

(INR 100.0 = USD 1.399/EUR 1.270)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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