RenewSys India to invest Rs 6K crore in Telangana
HYDERABAD : RenewSys India Pvt Ltd on Monday signed an MoU with the Industries Department for setting up of multiple PV modules and PV cell manufacturing units in the state. The estimated investment by the company in the state would be Rs 6,000 crore.
The MoU was signed in the presence of IT and Industries Minister D Sridhar Babu at Fab City, Maheshwaram. IT and Industries Principal Secretary Jayesh Ranjan and others were also present.
Speaking on the occasion, Sridhar Babu said that though RenewSys had manufacturing units in Karnataka and Maharashtra, the company came forward to set up its biggest unit in Telangana. The minister said the government would extend all cooperation to the company. With this unit, the state would become a hub for solar panel equipment, Sridhar Babu said. He said that the government would soon come out with a policy on energy and attract more investments.
RenewSys, a globally renowned company headquartered in Singapore, has three manufacturing plants in the country - in Hyderabad, Bengaluru and Patalganga with Hyderabad factory being its largest integrated facility.
With the signing of the MoU, the company has committed to make a phased investment of around `6,000 crore generating direct employment for 11,000 persons over the next five years and further expand their operations in Telangana.
As part of the MoU, the company will set up solar photovoltaic (PV) modules – two new lines of one GW each with an investment of Rs 500 crore in FY 24, solar PV cells unit with one GW capacity with an investment of Rs 1,250 crore in FY 25, two solar PV modules units with one GW each with an investment of Rs 550 crore by FY 27, two Solar PV Cells units with one GW capacity with an estimated cost of Rs 1,750 crore by FY 26-27 and aluminium plant with an investment of Rs 1,700 crore to Rs 2,000 crore by FY 28.
Sridhar Babu also participated in the ceremony of Weapons Systems Integration facility of Apollo Microsystems at Aerospace park in TSIIC.
Sridhar Babu said that his unit would provide employment to 400 people in the next three years. In this new manufacturing facility with a proposed total built up area of 3,50.000 sq ft, the company will be investing over Rs 200 crore and providing employment to around 400 people in three years. Sridhar Babu said that the state government was committed to empower more MSMEs and create more high value employment opportunities in the Aerospace and Defence sector in the state.
Investment list
The company will set up solar photovoltaic (PV) modules – 2 new lines of 1 GW each with an investment of Rs 500 crore in FY 24, Solar PV Cells unit with 1 GW capacity with an investment of Rs 1,250 crore in FY 25, 2 solar PV modules units with 1 GW for Rs 550 crore by FY 27, 2 Solar PV Cells units with an estimated cost of Rs 1,750 crore by FY 26-27 and Aluminium Plant with an investment of Rs 1,700 crore to Rs 2,000 crore by FY 28.