The Rolta Group today said it has forayed into the solar power sector by setting up a 60 MW photovoltaic modules manufacturing facility in the city.
"We believe this is the right time to enter the solar market considering the emphasis by the government on this sector. We have currently set up a 60 MW solar PV modules plant in the city at an investment of around Rs 100 crore," Rolta Power Promoter and MD Aditya Singh told PTI here.
The company plans to offer solutions for solar EPC and rooftop solar projects, solar water pumps, solar telecom tower, among others.
He said the company will increase the capacity to 300 MW in the next two to two and a half years.
"The nation is still in its infant stage of the manufacturing cycle. Hence, with its proactive legislation, government grants and polices supporting this industry, there is a profitable backward integration opportunity available to be capitalise upon. We plan to increase our capacity to 300 MW in the next two to two and a half years," he said.
When asked about its plans to fund the expansion, he said, "We have a healthy debt-equity ratio of 1:1. We plan to fund this expansion through internal accruals".
The company expects to clock Rs 300 crore revenue from this segment within 12 months of its operations.
"We have set up the plant this month. In the next 12 months, we are confident of clocking revenues to the tune of Rs 300 crore," Singh said.
