Corporate News
The company is shifting its investment strategy, redirecting Rs 4,200 million of unutilized funds originally earmarked for the Pandhurana solar project to a new joint venture, Rays Green Energy Manufacturing Private Limited. The company will hold a 50% stake in Rays Green, which will establish a 2.4 GW Solar PV n-type TOPCon G12R cell manufacturing plant in Madhya Pradesh. The project, located in the Mohasa-Babai Industrial Area, will require 41.30 acres of land and is estimated to cost Rs 10,000 million, with the existing unutilized funds covering a portion of the expenses. Construction is slated to begin in October 2026, with commercial production anticipated in June 2027. This change represents a move from project development to manufacturing, and detailed information will be available in the Notice of AGM’s explanatory statement.