Welspun sets aside USD 2.5bn for renewable energy expansion - report
Aug 15, 2014 - India’s diversified group Welspun Corp Ltd (BOM:532144) intends to spend some INR 150 billion (USD 2.5bn/EUR 1.8bn) on boosting its renewable energy capacity to 1,750 MW over the next three years, its chairman, BK Goenka, told news agency Press Trust of India (PTI).
The group operates in the energy sector through its solar contractor Welspun Energy and its unit Welspun Renewables Energy. The group has an installed renewable energy capacity of 328 MW, mostly solar, and is developing nearly 725 MW of projects. So far, it has invested more than INR 30 billion in the sector.
Welspun will look to invest most of the money in solar projects with a focus on the states of Andhra Pradesh, Maharashtra, Punjab and Rajasthan, Goenka said in an interview published today. Its plans also envisage building a wind portfolio of about 120 MW by the end of this fiscal year. The energy sector is attractive for the group because of its secure returns and the insatiable power demand in India, Goenka noted.
Welspun's core businesses is industrial pipe manufacturing. It is also a leading global supplier of home linen.