Aug 10, 2011 - US photovoltaic (PV) power solutions maker Spire Corp (NASDAQ:SPIR) said Tuesday it had set up a wholly-owned unit in India, seeking to benefit from the country's ambitious solar targets.
Harjinder Wahra will lead the new subsidiary -- Spire Solar Technologies Pvt Ltd -- headquartered in Bangalore. Wahra became part of Spire in 2008 as vice president of solar cell lines.
Under the Jawaharlal Nehru National Solar Mission, India targets 1,100 MW of grid-connected solar power capacity by March 2013. The plan envisages the installation of 20,000 MW of solar power by 2022.
A few days ago, Spire reported second-quarter revenues from continuing operations of USD 14.7 million (EUR 10.3m), down 34% on the year. Net profit halved to USD 700,000, or USD 0.08 per share, from USD 1.4 million a year ago.