UTL Solar's Ambitious Expansion: Aiming for a Greener Future

UTL Solar, a leading Indian solar company, plans a new manufacturing unit in Ratlam, Madhya Pradesh, with a INR 500 crore investment. The facility will bolster their production of solar panels and batteries. Leveraging government schemes, UTL aims at capturing household solar markets for greater growth.

New Delhi, Oct 14, 2024: UTL Solar, a major player in India's renewable energy sector, is expanding its manufacturing capacities with a new facility in Ratlam, Madhya Pradesh. This venture will see an investment of INR 500 crore over the next four years, significantly boosting the company's production capabilities.

The Ratlam plant will cover 100 acres and produce 5 GW of solar panels and inverters. UTL Solar has set ambitious targets to increase its capacity by 1-1.5 GW annually. Joint Managing Director Yogesh Dua stated this expansion will help UTL establish a significant presence across India.

To finance the new facility, UTL Solar plans to use internal funds and seek bank assistance. The company, which reported strong financial results, aims to capture more of the household solar market, leveraging government subsidies and retail growth avenues to achieve its fiscal goals.

(With inputs from agencies.)