According to Chairman and Managing Director Gyanesh Chaudhary, Vikram Solar, an accomplished Indian Solar Photovoltaic (PV) Module manufacturer is set to open a manufacturing plant in the US.
"We are evaluating our plans to set up operations in the US and looking at how things will pan out in the light of the tariffs," Chaudhary said on Wednesday.
The company is taking into account potential tariffs as it considers an investment reportedly as high as $1.5 billion to build a 3 GW solar PV module plant.
Based in Kolkata, Vikram Solar has 2 manufacturing plants in Bengal and Tamil Nadu which combined capacity is 4.5 GW. The US is the company’s largest market outside of India representing 61.10% of FY24 revenue and it has a sales office in the US.
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Vikram Solar started its operations in 2009 with a 12 MW capacity and has progressive served clients throughout India including NTPC, Neyveli Lignite Corporation, and Private clients Adani Green Energy and Azure Power.
Vikram Solar has announced its price band for its upcoming Rs 2,079 crore initial public offering (IPO), which is expected to hit the market between August 19 to August 21. The IPO has a fresh issue of equity shares of Rs 1,500 crore and an offer for sale for 1.74 crore shares (about Rs 579.37 crore).
The fresh issue proceeds will be essentially used for capital expenditure for the company's subsidiary, VSL Green Power Private Ltd. In addition, the company plans to move into battery energy storage systems (BESS), starting with a 1 GW facility, scalable to 10 GW plus.
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