Lanco Infra to build USD-346m PV factory in India - report

Indian firm Lanco Infratech Ltd (BOM:532778) plans to invest some INR 23 billion (USD 346m/EUR 326m) in a photovoltaics (PV) production plant in Chhattisgarh state, the online version of newspaper Live Mint said on Tuesday.

The factory of the engineering, procurement and construction (EPC) specialist and power producer will be located in a special economic zone in the Rajnandgaon district. In order to turn the industrial park into a solar industry hub, Lanco is currently looking for both domestic and foreign investors interested in setting up solar manufacturing plants on the remaining land there.

The factory will produce 1,800 tonnes of solar-grade polysilicon, 100 MW of ingots and wafers, 100 MW of cells and 150 MW of modules, Lanco Solar president, Raj Kumar Roy, was quoted as saying in an interview. Besides the cell line which is scheduled for completion in January 2017, production is expected to kick off by September 2016.

So far, the company has invested INR 12 billion in the plant. The remainder will be provided in a couple of tranches through January 2017, according to the report.

India aims to boost its installed solar power capacity from 4 GW at present to 100 GW by 2022.

(INR 10 = USD 0.151/EUR 0.142)

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