Gondal-based Hiramrut Energies Private Limited (HEPL) is setting up its second solar water heater manufacturing unit near Bavla.
Under its solar water heater manufacturing arm, Sunray, HEPL is initially investing around Rs 35 crore, with a total investment of Rs 200 crore planned in next 3-4 years.
"We are setting up our next unit at Vasla village near Bavla taluka of Ahmedabad district. We have also signed a memorandum of understanding (MoU) with the Gujarat Government in the recent Vibrant Summit 2011 for an investment of around Rs 250 crore," said Bhavesh Dholaria, managing director of Hiramrut Energies Privet Limited.
The new unit of water heater manufacturing will be commissioned on Diwali this year.
The new plant's production capacity is about 15 million litres per annum, which is five times higher than the company's first solar water heater plant at Gondal.
Apart from a solar water heater plant, HEPL is also setting up solar photo voltaic (PV) modules manufacturing unit at the new plant at a production capacity of 25 Mw per annum.
"In first phase we have invested about Rs 35 crore, while the second and third phase will see another Rs 100 crore each in coming three to four years."
The company has managed funds for investment through its internal sources and banks. From a current turnover of Rs 20 crore, HEPL intends to grow to Rs 150 crore in next two years after commissioning of the new plant.