Essel in solar cell modules manufacturing pact with China's J A Solar
19 May 2015
Essel Group has entered into a joint venture agreement with J A Solar, China's leading solar energy firm, to launch a solar cell and module manufacturing company in India.
The two companies signed a memorandum of understanding to set up an equal joint venture company, during the prime ministr's.
Essel will undertake the partnership through Essel Infraproject Ltd (EIL).
The new company will set up a manufacturing facility in India at an estimated capex of approximately Rs950 crore ($150 million) of which approximately Rs190 to Rs285 crore will be through equity funding.
The new company will manufacture photo voltaic solar cells, panels and modules to generate 500 MW of power per annum.
Essel Group has been amongst the front runners in developing solar plants in Tamil Nadu.
"Through this venture Essel will bring a range of global renewable energy solutions to India for use in a wide array of residential, commercial and mass utility-based applications<" Essel said in a statement."
Ashok Agarwal, CEO, Essel Infraprojects, said, ''Presently, we plan to generate 500 MW of solar energy with reduced manufacturing cost and improvement in production volumes.''