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XL Tele plans Rs 1,100 cr solar energy expansion

Newswire18  |  Hyderabad 

To set up photovoltaic, thin film equipment units in Andhra
XL and Energy plans to invest Rs 1,100 crore in solar photovoltaic systems business in the next three years, a senior company official has said.
The company has taken up expansion of solar energy equipment business in two phases to meet the growing demand from export markets, Executive Director K Vasudeva Rao said.
"We are enhancing our capacity to 120 mw from the current 30 mw by June-end. It may touch 320 mw within three years," Rao said.
Andhra Pradesh Industrial Infrastructure Corporation has allocated 25 acres of land to the company in Fabcity, near Hyderabad, to set up solar photovoltaic plant.
"The company had asked for 50 acres of land from Andhra Pradesh government. We got approval for 25 acres in the first phase. We are expecting another 25 acres in the second phase," Rao said.
"We are investing Rs 305 crore in the first phase.
Total investment on expansion in the next three years would be Rs 1,100 crore," Rao said.
In the second phase, the company plans to set up another solar photovoltaic unit with a capacity of 120 mw along with 80 mw thin film solar energy equipment unit, he said.
Solar energy equipment market is witnessing rapid growth as demand from Europe and other developing markets is increasing, Rao said.
Globally, solar photovoltaic market is estimated at $16 billion and expected to touch $65 billion by 2012, he said.
The company has submitted bids for three tenders to supply solar energy equipment worth Rs 640 crore in Europe, he said.

First Published: Thu, December 06 2007. 00:00 IST