Latest news with #Emmvee
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Business Standard
06-07-2025
- Business
- Business Standard
Emmvee Photovoltaic Power files DRHP with Sebi to raise ₹3,000 cr via IPO
Bengaluru-based Emmvee Photovoltaic Power Ltd has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to raise up to ₹3,000 crore through an initial public offering (IPO). The IPO comprises a fresh issue of equity shares worth ₹2,143.86 crore and an offer-for-sale (OFS) of shares aggregating ₹856.14 crore by promoter shareholders—Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi—who will each offload shares worth ₹428.07 crore. The company may consider a pre-IPO placement of up to ₹428.77 crore. If executed, the fresh issue size will be adjusted accordingly. Emmvee, incorporated in 2007, manufactures solar photovoltaic (PV) modules and solar cells. As of 31 May 2025, it has a solar module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW. An additional 2.50 GW module production line is under development and is expected to be operational by financial year 2026. A 6 GW integrated solar cell and module facility is planned to become operational in the first half of financial year 2028. The company had an order book of 4.89 GW as of 31 March 2025, and 5.26 GW as of 31 May 2025. The net proceeds from the fresh issue will primarily be used to repay or prepay certain borrowings and accrued interest of Emmvee Photovoltaic Power and its material subsidiary. An estimated ₹1,607.90 crore—representing over 59 per cent of the group's total consolidated debt as of 14 June 2025—has been earmarked for this purpose. The remaining funds will be allocated towards general corporate purposes. As of 14 June 2025, Emmvee's material subsidiary has outstanding term loans of ₹1,755.93 crore from the Indian Renewable Energy Development Agency (IREDA). These loans, sanctioned across three tranches between 2022 and 2025, were availed for setting up and upgrading large-scale solar PV manufacturing facilities using TOPCon technology. As per SEBI regulations, Emmvee can allocate up to 25 per cent of its fresh issue proceeds—around ₹535.96 crore in this case—for general corporate purposes. JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company are acting as the book-running lead managers (BRLMs) to the issue. KFin Technologies has been appointed as the registrar.
Yahoo
25-06-2025
- Business
- Yahoo
Emmvee secures INR 1500 Cr order from KPI Green Energy for solar project
Emmvee has secured an order worth INR 1500 Cr (US$174.3 million) from KPI Green Energy for a solar project in Gujarat.
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Business Standard
24-06-2025
- Business
- Business Standard
Emmvee bags ₹1,500 cr order from KPI Green Energy for solar module supply
Emmvee on Tuesday said it has bagged an order worth nearly Rs 1,500 crore from KPI Green Energy to supply TopCon bifacial solar modules for an upcoming project in Gujarat. Modules will be manufactured at Emmvee's facilities in Dabaspet and Sulibele, Karnataka, and deployed for an upcoming solar project in Gujarat, a company statement said. According to the statement, Emmvee, one of the leading Indian solar module and cell manufacturers, has bagged a nearly Rs 1,500 crore order from KPI Green Energy Ltd, part of the KP Group, to supply high-efficiency TopCon bifacial solar modules. The continued association reflects the market's confidence in Emmvee's technological leadership and delivery excellence, the statement said. "This new order from KPI Green Energy underscores our commitment to quality, strong execution capabilities, and the relationship capital we've built with long-standing partners in the industry," said Manjunatha DV, founder and Managing Director, Emmvee. This large-scale order strengthens Emmvee's role as a trusted partner in India's clean energy transition. Building on its long-standing collaboration with KPI Green Energy since 2021, this new order reflects the brand reputation, market confidence, and trust that Emmvee enjoys in the sector. Faruk G Patel, Chairman and Managing Director of KPI Green Energy, said: "Our ongoing partnership with Emmvee is built on trust, performance, and a shared vision for a greener India. Their consistent quality and execution make them a vital ally in our sustainable energy journey". With a module production capacity of approximately 7.8 GWp and cell production capacity of about 2.94 GWp, Emmvee continues to expand its presence domestically and globally, strengthening India's position as a clean energy manufacturing hub. Headquartered in Bengaluru, Emmvee serves customers across Asia, Europe, Africa, and North America.
Time of India
24-06-2025
- Business
- Time of India
Emmvee secures ₹1,500 crore solar module order from KPI Green Energy
New Delhi: Emmvee, a domestic solar module and cell manufacturer, has received an order worth nearly ₹1,500 crore from KPI Green Energy Ltd., part of the KP Group, for the supply of high-efficiency TopCon bifacial solar modules . The modules will be manufactured at Emmvee's facilities located in Dabaspet and Sulibele in Karnataka and will be deployed for an upcoming solar project in Gujarat . 'This new order from KPI Green Energy underscores our commitment to quality, strong execution capabilities, and the relationship capital we've built with long-standing partners in the industry,' said Manjunatha D.V., Founder and Managing Director, Emmvee. According to the company, Emmvee has a module production capacity of approximately 7.8 GWp and a cell production capacity of approximately 2.94 GWp. Dr. Faruk G. Patel, Chairman and Managing Director of KPI Green Energy, said, 'Our ongoing partnership with Emmvee is built on trust, performance, and a shared vision for a greener India. Their consistent quality and execution make them a vital ally in our sustainable energy journey.' The companies have been collaborating since 2021, and the new agreement further builds on their existing relationship. The deployment of the TopCon bifacial modules is part of KPI Green Energy's planned project in Gujarat.
New Indian Express
22-04-2025
- Business
- New Indian Express
Emmvee eyes Rs 2,500 crore revenues, opens new plant
BENGALURU: Homegrown solar energy sector pioneer Emmvee is eyeing Rs 2,500 crore in revenues this year, supported by a healthy order book and strategic expansion, encompassing both domestic as well as international markets. The Bengaluru-headquartered company recently inaugurated a new facility in Sulibele, near Kempegowda International Airport. With this expansion, it will add ~2 GWp module capacity to become around 6.6 GWp-strong in solar photovoltaic (PV) modules, and 2.5 GWp in solar cells. This 4 lakh sqft unit, on which Emmvee has invested Rs 250 crore, will employ a workforce of over 500, who will add to its existing headcount of 2,000. Meanwhile, Emmvee also operates a larger facility in Dobbaspet, Tumakuru. "We launched in 1992 with the production of rooftop solar thermal systems, and then diversifying to PV module manufacturing in 2006. Until 2014, 100% of our modules were exported to Europe. With the announcement of the National Solar Mission after 2010, we focused more on India, and began with 15 MWp of module capacity," Emmvee CMD DV Manjunatha told TNIE. While the Dobbaspet plant has a smaller line for water heaters, 95% of Emmvee's business is derived from modules. "Now, there is a huge demand for solar PV modules, as an addition to more conventional sources of power generation, all in an effort to minimise power cuts. Also, modules are among the most cost-effective sources of power generation," informed Emmvee president and CEO Suhas Donthi. The said modules are used for solar power generation, and can also drive solar pumps, streetlights, satellites and so on. Over the years, Emmvee has expanded internationally as well, with a presence across Europe, Africa and North America. Specifically, it operates a solar power plant in Germany. However, Emmvee continues to prioritise domestic production. 'We are committed to reducing import dependency and building a resilient local supply chain,' Manjunatha said. Currently, the company boasts of over 50% localisation. "Our plan is to make our cell manufacturing capacity on par with our module manufacturing capacity. By producing more solar cells, our import costs drastically drop," mentioned Donthi. Domestically, Emmvee also contributes to major government initiatives like PM Suryaghar Yojana and the PM-KUSUM scheme, aligning with India's energy independence goals, while continuing to remain bullish on state-run energy utilities and the private sector for growth. Separately, it recently committed to invest Rs 15,000 crore in a new solar manufacturing hub in Karnataka. "The Union government is aiming to achieve net zero by 2047, and by 2030 itself, it's eyeing 450 GW of renewable energy. To meet that requirement, based on the demand, we also wish to expand in a phased manner. The new facility is a step in the company's dedication to supporting India's renewable energy goals and achieving solar manufacturing self-reliance," Manujunatha said. Currently, within India's renewable energy landscape, solar power leads the way with an installed capacity of 105.65 GW.
