Gautam Solar Plans ₹1,000 Crore IPO to Fund 2 GW Solar Cell Manufacturing Expansion

On Tuesday, Gautam Solar announced its intention to raise ₹1,000 crore through an Initial Public Offering (IPO) within the next 12 to 18 months to finance a 2 GW solar cell manufacturing project. This initiative is part of the company's broader strategy to increase its solar module manufacturing capacity to 5 GW by 2025.

The company stated, “Rs 1,000 crore solar cell expansion plan will be funded through an IPO to be launched in the next 12-18 months, supporting further development and innovation.”

The expansion will take place in three phases, with the first phase expected to be completed by November 2024. The subsequent phases are scheduled for January and April 2025, respectively.

The IPO is anticipated to drive the company’s growth by establishing a 2 GW solar cell manufacturing plant, enhancing its solar module production to meet the 5 GW target on schedule.

Gautam Mohanka, Managing Director of Gautam Solar, emphasized the significance of this expansion, stating, “"As India targets achieving 500 GW of renewable energy by 2030, our expansion to 5 GW of solar module manufacturing capacity by 2025 is a vital step towards contributing to this national goal. Currently, India's solar energy capacity stands at around 70 GW, and with this expansion, Gautam Solar will account for nearly 5-7 per cent of the country's total capacity."