Vikram Solar Investing 2,574 Cr. for PV Cell, Module Plant, IPO Expected in March’25
Vikram Solar Ltd., a module manufacturing company headquartered in Kolkata, will be investing Rs. 2,574 crore for developing phase 1 of its upcoming solar cell and module manufacturing plant at Gangaikondan in Tirunelveli district of Tamil Nadu.
The foundation stone for this project was laid on 6th February 2025 by Chief Minister of Tamil Nadu. Vikram Solar is also rolling out its Initial Public Offering (IPO) in March 2025, the proceeds of which will be utilised to partly fund the company’s Gangaikondan plant.
Phase-1 to have 3 GW Solar Cell & Module Manufacturing Capacity
Vikram Solar’s new plant in Gangaikondan, Tirunelveli, will be developed in two phase. Phase-1 will have an annual production capacity of 3 GW for solar cells and 3 GW for solar modules. In the second phase, the module manufacturing capacity will be increased to 6 GW.
The phase 1 of the plant is expected to create job opportunities for approximately 2,500 people.
Vikram Solar’s IPO to Partly Fund its Manufacturing Plant in TN
Vikram Solar is set to launch its Initial Public Offering (IPO) in the first week of March 2025. Funds raised from the IPO will be directed towards the development of Vikram Solar’s solar cell and module manufacturing plant in Tamil Nadu.
The company had filed its Draft Red Herring Prospectus (DRHP) in October 2024. In its DRHP, the company mentioned that a total of about 2,500 crore will be invested in the phase-1 of the company’s upcoming plant in Gangaikondan while the second phase of the plant will be developed at a total estimated cost of Rs. 606.16 crore. Out of the total development cost for Phase 1, Rs. 793.36 crore will be funded through the IPO’s net proceeds. As for Phase 2, Rs. 602.95 crore of the total development cost will be funded through the proceeds of the IPO.
Vikram Solar’s Long Term Expansion Plans
The aforementioned plant of Vikram Solar supports the company’s long-term expansion plans to increase its solar module manufacturing capacity to 15.5 GW by FY-27. The company currently has a solar module manufacturing capacity of about 3.5 GW.
About Vikram Solar Ltd.: Vikram Solar Limited, headquartered in Kolkata, is one of the largest module manufacturer in India. The company has two manufacturing plant in India, one is in West Bengal, Kolkata and other is in Chennai, Tamil Nadu.
