Hardip Singh, Chief Working Officer, Grew Photo voltaic
Photo voltaic module maker Grew Photo voltaic has accomplished the land acquisition course of to arrange a 8 gigawatt (GW) ingot and wafer manufacturing facility in Madhya Pradesh, anticipated to be operational by March of 2028.
Hardip Singh, Chief Working Officer, informed businessline that the power can be situated in Narmadapuram, Madhya Pradesh, the place the corporate is already constructing a 3 GW cell manufacturing unit.
The plans come at a time when the Ministry of New & Renewable Power (MNRE) has proposed to incorporate photo voltaic wafers and ingots beneath the Authorized Listing of Fashions and Producers (ALMM) from June 1, 2028, imposing native sourcing of those elements for Indian photo voltaic module producers.
Singh insists that Grew Photo voltaic started engaged on constructing a neighborhood ingot wafer unit even earlier than the notification from MNRE. “When the corporate was fashioned itself we had a objective of backward integration as much as wafers and we have been additionally one of many awardees of the PLI incentive for ingot wafer cell and module,” he mentioned.
Different plans
In the meantime, Grew Photo voltaic can also be engaged on increasing its module manufacturing unit in Rajasthan from the present 6.5 GW to 11 GW by FY27.
On the cell manufacturing unit in Madhya Pradesh, Singh mentioned that the preliminary 3 GW capability ought to be operational by subsequent month whereas the corporate can also be engaged on including one other 5GW capability by February 2027.
When it comes to financials, Singh mentioned that Grew Photo voltaic closed FY25 with a income of about ₹1,400 crore and has greater than doubled its topline since then in FY26, with out sharing precise figures.
Given the growth in manufacturing throughout cells and modules deliberate this 12 months, he mentioned, the corporate is anticipating one other 2x bounce this 12 months.
Consolidation is close to
On the potential of an overcapacity for photo voltaic in India, Singh talked about that like several trade which is in a ‘dawn’ part, the market is crowded with many gamers, however a interval of consolidation is on the playing cards.
“The primary spherical of consolidation will occur in 2027, when gamers who should not have cell traces will be unable to compete out there. Equally, a second spherical of consolidation will occur in 2028, when ingot wafer integration necessities kick in. Prospects and severe unbiased energy producers (IPPs) are realising this now and are partaking with gamers who’ve long-term plans proper as much as ingot wafer,” he mentioned.
As for the corporate’s market presence, Singh mentioned that majority of Grew Photo voltaic’s gross sales come from IPPs in markets like Rajasthan and Gujarat however talked about that with the expanded capability it should additionally look to extend its play within the retail rooftop photo voltaic market.
He added that the corporate additionally has some significant plans within the battery storage and information sector domains, however these plans stay at an early stage.
Revealed on Could 15, 2026
