July 6, 2022

Sun photovoltaic (PV) mobile producer Jupiter World on Monday mentioned it has raised Rs 170 crore from Edelweiss Choice Asset Advisors Ltd.

The corporate will utilise the budget as expansion capital to reinforce its sun PV mobile production capability, in line with a observation.

The contemporary capital was once raised via a mixture of debt and convertible-to-equity software.

”Jupiter Workforce is within the means of speedy growth. We will be able to fee the brand new 500-MW Mono PERC mobile production facility within the subsequent six months. We even have plans to arrange a greenfield (new) capability of two,000 MW (megawatts) built-in mobile plus module line,” Alok Garodia, managing director of Jupiter World, mentioned.

He added that the backing from Edelweiss, which is without doubt one of the greatest budget in India, is a very powerful for the corporate at this level.

Kriti Mohan Ghosh, government vice-president of Edelweiss Choice Asset Advisors, mentioned call for for home sun cells is on the cusp of a phenomenal expansion section fuelled through beneficial govt insurance policies.

Because the implementation of WTO-compliant home content material requirement (DCR) coverage two years in the past, the federal government has taken up a slew of tasks together with levy of elementary customs responsibility (BCD) and production-linked incentive (PLI) scheme underneath the Atmanirbhar initiative of GoI.

Up to now few months, main gamers within the sun production sector have introduced growth plans.

A number of new strategic gamers also are within the procedure of creating a foray into the sun production price chain giving fillip to govt plans to determine home sun production ecosystem.

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Centrum Capital Ltd was once the unique marketing consultant to Kolkata-based Jupiter World in this transaction.

(With inputs from PTI)

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Printed on: Monday, March 14, 2022, 02:54 PM IST