INOXGFL Group forays into solar manufacturing

INOXGFL Group on Wednesday announced its foray into solar manufacturing through Inox Solar -- a privately held entity by the promoters.

Inox Solar is targeting an initial capacity of 5 GW of solar modules and 2.5 GW of solar cell manufacturing capacity by 2026, at an outlined capex of Rs 1,500 crore, a company statement said.

The company will also provide turnkey EPC (engineering procurement construction) solutions, including land acquisition and power evacuation, through its group company Inox Renewable Solutions Ltd (earlier known as Resco Global Wind Services Ltd).

Additionally, it will offer post commissioning operations and maintenance services through another group company Inox Green Energy Services.

Inox Solar's first solar module manufacturing unit with initial capacity of 1.2 GW in Gujarat is expected to be operational by March 2025. The facility will manufacture TopCon modules, it stated.

For the INOXGFL Group, solar manufacturing completes the group's interests across the entire renewable energy ecosystem, making it one of the deepest integrated group in India in the energy transition space – having presence across EV, energy storage, wind, solar, and green services etc, the statement said.

Devansh Jain, Executive Director of INOXGFL Group, said this foray into solar energy complements our existing strengths, making the company a fully-integrated player in the energy transition ecosystem.

INOXGFL Group is a forerunner in diversified business segments comprising fluoropolymer, fluorochemicals, battery chemicals, wind turbines and renewables.