DuPont India to enter solar cells business
23 Aug 2008
Mumbai: DuPont India, subsidiary of the US-based $27 billion E I du Pont de Nemours and Company, is entering the photovoltaic (PV) market in India as it targets revenues of $1 billion by the year 2012 from all its businesses in the country.
The company has set up a new venture DuPont Photovoltaic Solutions (DPS), which would offer technical support to domestic customers in the PV industry and also support DuPont's global R&D initiatives in the segment.
''Globally, our PV business stands at close to $300 million. We are targeting revenues worth $30 million from the new PV division in India by 2010,'' DuPont India CEO Balvinder Singh Kalsi said at a conference.
''Besides, we would continue to focus on opportunities in renewable energy, agriculture, food and construction materials' sector. We are aiming to be a billion-dollar company by 2012,'' he added.
Currently, DuPont's revenues form India is about $500 million. DuPont Photovoltaic Solutions will also set up a research and development laboratory at DuPont India's Knowledge Centre at Hyderabad, he said.
Based in Wilmington, Delaware, US, DuPont is a science-based solutions provider worldwide, with operations in more than 70 countries.
DuPont India markets a wide range of products in segments including agriculture, food and nutrition; healthcare, home and construction, electronics, safety and protection and transportation and infrastructure.