MUMBAI: Avaada Electro, the solar manufacturing arm of the Brookfield-backed Avaada Group, has filed the draft papers with Sebi through the confidential route for a bumper share sale seeking to mop up Rs 9,000-10,000 crore, according to sources.
The IPO is expected to comprise a mix of fresh issue and offer-for-sale (OFS) by existing shareholders and proceeds are likely to be utilised towards capacity expansion in high-efficiency solar cell and module manufacturing, including the development of a 5.1 gw integrated facility in Uttar Pradesh and capacity scale-up at its Butibori plant in Maharashtra, i-banking sources told TNIE.
If successful, this will be the largest IPO from a PV modules manufacturer in the country.
Founded by the social entrepreneur Vineet Mittal in 2007, the Mumbai-based Avaada Group had a turnover of around Rs 4,000 crore in the last financial year.
Avaada Electro is one of the largest solar PV module manufacturers by operational capacity as of September 2025. It is part of the Avaada Group, which is a diversified clean-energy conglomerate spanning solar PV manufacturing, renewable power generation, green hydrogen and derivatives, pumped hydro storage, battery storage, and green data centres, according to the draft papers.
The group, backed by Brookfield Renewable Partners and Thailand’s GPSC (PTT Group), had raised over $1.3 billion in 2023 to fund expansion across the solar, hydrogen, battery-storage, and green-ammonia verticals.
At the centre of its growth plans lies the Butibori super factory near Nagpur, which has been included in the ALMM notified by the Union ministry of new and renewable energy. The plant manufactures bifacial glass-to-glass topcon G12 modules (up to 720 wp) and G12R modules (up to 630 wp) which are among the highest-efficiency solar modules commercially available in the country now.
The Butibori facility is operating at 7 gw capacity and will have a 6 gw solar-cell capacity by the end of fiscal 2026, enabling fully integrated domestic production.
Avaada Electro currently operates 8.5 gw of solar-module capacity across its UP (at Dadri near Noida) and Maharashtra facilities and plans to ramp this up to 13.6 gw of module capacity and 12 gw of cell capacity over the next two fiscals.
Commercial production at the Dadri facility began in September 2024, following which total operational capacity rose sharply from 1.5 gw in September 2024 to 8.5 gw by September 2025 after the commissioning of the Nagpur plant, representing a 5.7-fold increase in just 12 months.
Avaada Electro is also developing a fully-integrated solar-manufacturing super factory in Nagpur to achieve 6 gw of operational cell capacity by fiscal 2026, expanding to 12 gw by fiscal 2027.
The company is also creating infrastructure to produce 3 gw of ingot and wafer capacity by fiscal 2027, completing the value-chain integration from raw materials to modules.
Industry data suggests that annual solar PV demand is projected to more than double by FY30, exceeding 40 gw per year, while high-efficiency topcon cell capacity remains limited domestically. The government has set a national goal of installing 500 gw of renewable capacity by 2030.
