look news india
Renewable energy company Gautam Solar is planning an IPO to raise Rs 1,000 crore. The company on Tuesday said it plans to raise Rs 1,000 crore through an initial public offering (IPO) in one to one-and-a-half years to finance its two gigawatt solar cell manufacturing project. The company said in a statement that the proposed solar cell project is part of a plan to take its solar module production capacity to 5 gigawatts (5000 MW) by 2025.
When will the company's IPO come?
“The funds will be raised for a solar cell expansion plan worth approximately Rs 1,000 crore to be launched over the next 12-18 months,” Gautam Solar said in its statement. The first phase of the expansion, to be completed in three separate phases, will be completed in November, while the second phase will be completed in January 2025 and the third phase in April 2025.
The company wants to set up a two gigawatt solar cell manufacturing plant.
According to the renewable energy company, the IPO will boost the company's growth by boosting solar module manufacturing and setting up a two gigawatt solar cell manufacturing plant to achieve the target of five gigawatt within the stipulated time.
The company currently has a 5 percent share in India's total solar power capacity.
Gautam Mohanka, Managing Director, Gautam Solar, said, “Expanding our solar module manufacturing capacity to five GW by 2025 is an important step towards India’s renewable energy target of 500 GW by 2030. At present, India's solar power potential is about 70 GW. “And then with this expansion, Gautam Solar’s share will be 5 to 7 percent of the total solar capacity of the country.”