Corporate News
The company is proposing a significant shift in its investment strategy, diverting Rs 4,200 million of unutilized funds from the original Pandhurana solar project within Kartik Solarworld Private Limited to a new joint venture, Rays Green Energy Manufacturing Private Limited, alongside Rays Power Infra Limited. The funds will be used to establish a 2.4 GW Solar PV n-type TOPCon G12R cell manufacturing plant in Narmadapuram, Madhya Pradesh, with an estimated total cost of Rs 10,000 million. This change marks a transition from a broader solar project to a specific manufacturing facility and alters the project's location. The company initially raised Rs 5,500 million through an IPO and pre-IPO placement, with Rs 4,400 million from the IPO intended for the Pandhurana Project, leaving a substantial portion unutilized.