Lanco setting up solar cell manufacturing plant in Chhattisgarh

Lanco Solar Pvt Ltd, the renewable energy arm of billionaire L Madhusudhan Rao-controlled Lanco Infratech, today signed an agreement with the Chhattisgarh government to set up 100 MW solar cell manufacturing plant in the

state.

''Lanco Infratech Ltd (LITL) today announced its subsidiary Lanco Solar signed an agreement with Chhattisgarh. As per the MoU inked today with Chhattisgarh, Lanco Solar will set up 100 MW solar cell manufacturing plant,'' the

company said in a statement.

The integrated solar PV manufacturing project will have facility for poly-silicon refining and wafer production and manufacture of 150 MW solar power modules. It aims at creating domestic PV cell production capacity of 2,200 MW

a year under Prime Minister Narendra Modi's Make in India initiative.

The project is being set up at a 250 acre SEZ location in Rajnandgaon, Chhattisgarh under the National Solar Mission and Lanco Infratech has so far invested Rs1,200 crore.

The project, which was restarted in July, has already approved and committed water and power availability and all clearances for land and its usage, the company said.

The MoU was signed on Monday in the presence of Chhattisgarh chief minister Raman Singh, state industries secretary Subodh Singh, Lanco Solar president Raj Kumar Roy and executive chairman of Lanco group, L

Madhusudhan Rao and Chhattisgarh chief secretary Vivek Dhand, the company said.

''We are elated to be part of the MoU as this will be a showcase project being the first poly silicon and Ingots & Wafers manufacturing facility coming up in India. At the same time it plays anchor Industry role to attract investments in

other solar PV manufacturing units within this plug & play SEZ zone,'' Lanco Infratech executive chairman L Madhusudhan Rao said.

''Other salient features of the project that will attract investments are Manufacturing units within SEZ located in State of Chhattisgarh would also have logistic advantage for marketing being centrally located for entire Indian market.

The existing industrial zone within 40 - 80 km periphery of this SEZ would provide adequate manpower and sub-vendor base support to manufacturing units in this SEZ,'' Rao added.

Lanco has decided to earmark around 150 acres within its Solar SEZ for domestic and foreign companies interested in setting up solar manufacturing facilities in India, for those interested in solar projects in India, the statement

said.

Lanco is on course to commission the integrated Solar PV manufacturing project located in this SEZ by September 2016, it added.

Lanco had a debt of Rs83,200 crore ($1.8 billion), but its profit has more than doubled in three years.

The company will be adding power generation capacity every quarter that will generate cash for its expansion, Rao said.