Mundra Solar eyes to become USD 1 bn company in 2-3 yrs

Mundra Solar PV, the solar photovoltaic manufacturing arm of diversified Adani Group, looks to become a USD 1 billion company over the next 2-3 years, a top company official said.

The company is also hoping to scale up its manufacturing capacity of modules and cells from the current 1,200 MW to around 3,000 MW in the next 2-3 years.

"We are very buoyant on growing our business and we are positive we will expand it depending on the way the government policy comes out which we feel will happen soon," company's chief executive Ramesh Nair told PTI over a telephonic interview.

He said already actions are on the ground as the government has given the go ahead for pass through of any hike in case of the safeguard duty and the manufacturing policy is in its final stages.

"Recently, the government announced that it will amend bidding rules to allow pass through of duty hike on solar. This has come as a major relief for developers as well. We hope we will be able to become a USD 1 billion company in the next 2-3 years," he added.

Currently, Mundra Solar has a manufacturing facility with a capacity of 1,200 MW in the Special Economic Zone at Mundra in Gujarat.

"Manufacturing in India will have to increase as we cannot continue with letting Chinese products being dumped here. With the recent decisions taken and the government's vision of 100 GW of solar capacity by 2022, manufacturing capacities in India will increase. We will also expand our capacity and depending on the manufacturing policy how it plays out we will also look at growing through backward integration," Nair added.

When asked whether the 100 GW target was achievable given the slow pace of awarding of contracts, he said, "It is indeed an achievable target. What is important is that the government needs to award contracts for almost 20 GW every year. Last year only 8,000 MW capacity was added but if we have to achieve the 100GW target the government will have to increase the pace of capacity addition.