December 7 (Renewables Now) - Indian consumer goods company Patanjali Ayurved Ltd wants to enter the photovoltaics (PV) manufacturing business and is to pour INR 1 billion (USD 15.5m/EUR 13.2m) in that direction, Mint reported Monday, citing a company executive.
Company head Acharya Balkrishna told the business daily that the move is in line with its swadeshi focus, an effort to encourage the use of domestic products. In fiscal 2016/17, ended in March, India imported 5.7 GW of solar modules, or about 89% of the volumes it needed, mostly from China.
Patanjali Ayurved has already acquired Indian navigation aid and PV equipment maker Advance Navigation and Solar Technologies Pvt Ltd. The INR-1-billion investment will be made it the solar factory in Greater Noida, which is to be fully online in the coming months, according to Mint's report.
Tenders for up to 17 GW of solar power capacity will be held in India through March 2018, in line with the country's 100-GW solar target for 2022, the government announced recently.
(INR 100 = USD 1.55/EUR 1.32)