Corporate News

07-Sep-2026, 11:26

The company is redirecting Rs 4,200 million of unutilized funds originally intended for the Pandhurana solar project to a new joint venture, Rays Green Energy Manufacturing Private Limited, in partnership with Rays Power Infra Limited. The funds will finance a 2.4 gigawatt Solar PV n-type TOPCon G12R cell manufacturing plant located in Narmadapuram, Madhya Pradesh, with an estimated total project cost of Rs 10,000 million. Land for the project has already been secured, and commercial production is anticipated to begin in June 2027. The shift in investment and project location will be detailed further in the explanatory statement accompanying the Notice of AGM, and is based on an exchange rate of Rs 94.47 per USD as of September 3, 2026.