The facility will produce wafers, cells, and modules and is expected to be operational in five years. The company has signed a Memorandum of Understanding (MoU) with the government of Tamil Nadu for this purpose.
The development of the manufacturing facility by Vikram Solar would entail an investment of about $727.4 million by the company. It expects to create 7,542 jobs across the country.
The company’s decision to develop a manufacturing facility is in line with the government’s vision for AtmaNirbhar Bharat, which aims to make India self reliant by reducing imports on the Chinese equipment and to revive the economy from the coronavirus pandemic.
A similar announcement was made by ReNew Power as well last week to set up 2 gigawatts of manufacturing facility for cells and modules by investing Rs. 20,000 crore.
Reference- Vikram Solar PR, Economic Times, Mercom India, PV Magazine