Saatvik Solar Announces Major Expansion Plans and IPO

Saatvik Solar announced plans to raise funds from private equity and launch an IPO to expand operations. The company aims for 100% revenue growth and significant increases in manufacturing capacity. It is also developing innovative solar PV modules and exploring opportunities in battery manufacturing and storage solutions.

Solar module manufacturer Saatvik Solar announced on Thursday its plans to secure funds from private equity investors and launch an initial public offering (IPO) to fuel its expansion efforts. The company aims for nearly 100% revenue growth, targeting Rs 2,000 crore in the current fiscal year.

Group Chief Financial Officer Abani Kant Jha shared these ambitious goals during a press conference, outlining plans to grow the company's 3.8GW current solar module manufacturing capacity, with an additional 2GW under construction. By FY2026, Saatvik Solar aims to achieve a 2GW capacity in cell manufacturing and 6GW in module production.

Moreover, the company has secured major orders totaling 513 MW, valued at Rs 650 crore, and is pursuing infrastructure tech innovations, including high-efficiency solar PV modules with advanced features. Saatvik Solar is also exploring new avenues in electrolyzer battery manufacturing and storage solutions to expand its clean energy portfolio.

(With inputs from agencies.)