Kolkata-based Vikram Solar has expanded its manufacturing capacity by 1 GW at its Falta facility in West Bengal. Additionally, the company has upgraded its Oragadam facility in Chennai, Tamil Nadu, to produce advanced Tunnel Oxide Passivated Contact (TOPCon) and Heterojunction Technology (HJT) solar modules. With these developments, Vikram Solar’s total annual production capacity has increased to 4.5 GW. 

Chairman and Managing Director Gyanesh Chaudhary stated that the expansion will enhance the company’s ability to manufacture high-quality solar modules, reinforcing its position in the industry. 

In October 2024, Vikram Solar filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) to raise up to Rs 15 billion through an initial public offering. The offer also includes a sale of up to 17.45 million equity shares by the promoter group. 

The company plans to allocate Rs 7.93 billion for capital expenditure via its subsidiary, VSL Green Power, to establish a 3 GW solar cell and module manufacturing facility. Additionally, Rs 6.03 billion will be used to expand module production capacity to 6 GW. 

Vikram Solar aims to scale its production to 10.5 GW by FY 2026 and 15.5 GW by FY 2027, which includes a planned 3 GW solar cell facility in Tamil Nadu.

 

According to Mercom India’s research report on India’s solar PV manufacturing sector, India added 11.3 GW of solar module and 2 GW of solar cell capacity in the first half of 2024. By 2026, the country's solar module capacity is expected to reach 172 GW, while solar cell capacity is projected to approach 80 GW, with Mono PERC technology dominating module and cell production. 

(Mercom)