Lanco Solar has inked an MOU with Chattisgarh government for setting up a Solar unit. The project will have manufacturing units with special economic zone (SEZ) that supports logistic advantage for marketing.
Lanco Infratech Limited (LITL), one of India's leading business conglomerate having businesses in the domains of Engineering, Procurement and Construction (EPC), Power, Solar, Natural Resources and Infrastructure, announced its subsidiary Lanco Solar Private Limited signing an agreement with Chhattisgarh Government to bring Chhattisgarh on the global silicon map.
As per the memorandum of understanding (MOU) inked with the Chhattisgarh government, Lanco Solar will set up 100 MW solar cell manufacturing plant. For the integrated solar photovoltaic (PV) manufacturing project, which re-started in July 2015, LITL has already done an investment of Rs 1,200 crore to manufacture Polysilicon Refining and Wafer Plant and 150-MW module plant.
The MOU was signed by the Chhattisgarh Industry Secretary, Subodh Singh, and Lanco Solar President, Raj Kumar Roy in the presence of Dr Raman Singh, Chief Minister, Chhattisgarh, L Madhusudhan Rao, Executive Chairman of Lanco amongst others.
Commenting on development and signing an MOU with Chattigarh Government, L Madhusudhan Rao, Executive Chairman, Lanco Infratech said, "We welcome government's initiative of accelerating the development and green energy mission by inviting participation from foreign players who will not only bring in technological know-how but will also create employment opportunities. Solar power in India has a promising future."
We feel that the location of the plant is ideal as it is centrally located for entire Indian market. We are elated to be part of the MOU as this will be a showcase project being the first Polysilicon, Ingots and Wafers manufacturing facility coming up in India, which will be bringing the state of Chhattisgarh on global Silicon map, added Rao.
Other salient features of the project that will attract investments are manufacturing units within special economic zone (SEZ) located in Chhattisgarh that supports logistic advantage for marketing being centrally located for entire Indian market. The existing industrial zone within 40 to 80 km periphery of this SEZ would provide adequate manpower and sub-vendor base support to manufacturing units in this SEZ.
In view of the 'Make in India' initiative, ambitious Solar development plans and the employment generation potential of this venture, Chhattisgarh and Lanco have decided to jointly invite companies for setting up Solar PV manufacturing facilities in this SEZ, said Madhusudhan Rao.
On Tuesday, shares of Lanco Infratech were trading at Rs 6.39, up 19.89% or Rs 1.06, per piece at 0107 hours.
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