Insolation Green Energy Pvt Ltd approves proposal received from Government of Madhya Pradesh

The Board of Directors of Insolation Green Energy Private Limited (A Wholly Owned Subsidiary of Insolation Energy Limited) has approved the proposal received from the Government of Madhya Pradesh, as outlined in their Letter of Intent (LOI) dated December 7, 2024.

The proposal pertains to the allotment of 45 acres (approximately 1,82,108.5 square meters) of land located in the Madhya Pradesh Zone for Power and Renewable Energy Equipment at Mohasa, Babai, District Narmadapuram. The land is intended for the establishment of a manufacturing unit for Solar PV Modules, Solar Cells, and Aluminum Frames.

This initiative aligns with the Company's strategic aspirations of achieving a $1 billion revenue target. The proposed fourth manufacturing facility, with a capacity of:

3 GW for Solar Cell Manufacturing
4 GW for Solar Module Manufacturing
24,000 MT for Aluminum Frame Manufacturing,

will be executed in two phases. This expansion will significantly bolster the Company's presence and capabilities in renewable energy manufacturing.

The Company plans to invest approximately ₹1,800 Crore in this project. Upon completion, this facility is expected to generate over 1,600 direct and indirect employment opportunities, thereby contributing to regional development and the renewable energy sector's growth.

This will be our fourth manufacturing facility in the group and first outside Rajasthan. The company has recently completed Preferential allotment of Rs. 400 Crore and work of setting up of company third manufacturing facility is under full swings to enhance the Solar Module manufacturing capacity from 1 GW to 4 GW by April, 2025 and Aluminum frame manufacturing facility 12000 MT.

Shares of Insolation Energy Limited was last trading in BSE at Rs. 3849.90 as compared to the previous close of Rs. 3813.00. The total number of shares traded during the day was 66950 in over 1026 trades.

The stock hit an intraday high of Rs. 3950.05 and intraday low of 3400.00. The net turnover during the day was Rs. 244531975.00.

Source : Equity Bulls

Keywords

InsolationEnergy INE0LGX01016 ElectricUtilities InsolationGreenEnergy LOI