The Indian state of Gujarat has allowed Adani Enterprises Ltd (BOM:512599) to start work on a USD-2-billion (EUR 1.76bn) solar equipment factory, Mint reports.
A newly-established special purpose vehicle called Mundra Solar PV Ltd has initiated work on the project’s first phase and is expected to commission it later in 2016, the business newspaper said today, quoting government officials. That phase involves building a solar cell and module production facility with a capacity of 1.2 GW and total cost of INR 20 billion (USD 302.5m/EUR 266m).
The second phase of the project envisages constructing a solar panel factory with an overall capacity of 3 GW. Phase III will be focused on polysilicon production and will involve building a plant with the capacity to make 10,000 tonnes of the raw material, Mint said.
Previously, Adani negotiated joint ventures with SunEdison (NYSE:SUNE) and Foxconn, but has eventually decided to set up the complex on its own, according to the report.