Indosol Solar Unveils Ambitious IPO Plans Amidst Expansion

Indosol Solar Pvt Ltd, a key player in the solar photovoltaic (PV) manufacturing space, is gearing up for an Initial Public Offering (IPO) next fiscal year, pending the commissioning of their 1 GW line in Andhra Pradesh. This move comes as the company has been acknowledged under the Production Linked Incentive (PLI) scheme, securing an incentive of Rs 5,175 crores.

The firm, a wholly owned subsidiary of Shirdi Sai Electricals Ltd, has ambitious plans to become a substantial force in India's solar sector. Chairman N Visweswara Reddy shared that Indosol intends to build an integrated, Giga-scale facility for Solar PV production, encompassing the entire process from quartz extraction to the creation of PV modules.

Significant investments, including Rs 69,000 crore, are aligned with plans to build a vertically integrated manufacturing plant spanning thousands of acres. The Andhra Pradesh government has allocated extensive tracts of land to support this venture. Despite past revenue challenges due to infrastructure, Indosol anticipates a turnaround with production expected to generate Rs 600 crore this fiscal year.

(With inputs from agencies.)