Latest news with #TunnelOxidePassivated
Time of India
4 days ago
- Business
- Time of India
Vikram Solar gets SEBI nod for IPO with fresh issue of ₹1,500 crore, OFS of 17.45 million shares
New Delhi: Vikram Solar Ltd has received final observation from the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO), comprising a fresh issue of shares worth up to ₹1,500 crore and an offer for sale (OFS) of up to 1.745 crore equity shares by promoter and promoter group selling shareholders. According to the draft red herring prospectus, the company plans to use ₹793.36 crore from the net proceeds for partial funding of capital expenditure via investment in its wholly owned subsidiary, VSL Green Power Private Limited. The funds will be utilised to set up a 3,000 MW solar cell and 3,000 MW solar module manufacturing facility. An additional ₹602.95 crore will be used to expand the existing solar module manufacturing facility under Phase I from 3,000 MW to 6,000 MW, also through VSL Green Power Private Limited. The remaining proceeds will be used for general corporate purposes. As of March 31, 2024, Vikram Solar had an installed manufacturing capacity of 4.5 GW for solar PV modules. The company is listed on the Ministry of New & Renewable Energy's Approved List of Module Manufacturers (ALMM) among pure-play non-captive manufacturers. The company operates manufacturing facilities at Falta SEZ in Kolkata, West Bengal, and Oragadam in Chennai, Tamil Nadu. It has plans to increase its installed capacity to 10.5 GW by fiscal 2026 and 15.5 GW by fiscal 2027. It is also setting up a 3 GW solar cell manufacturing facility in Tamil Nadu as part of its backward integration strategy. Vikram Solar reported a 21.11 per cent increase in revenue from operations, rising from ₹2,073.23 crore in FY23 to ₹2,510.99 crore in FY24. EBITDA grew from ₹186.18 crore in FY23 to ₹398.58 crore in FY24. The company's product portfolio includes Tunnel Oxide Passivated Contact (TOPCon) modules, Heterojunction Technology (HJT) modules, and Passivated Emitter and Rear Contact (PERC) modules in both bifacial and monofacial formats. The book-running lead managers to the issue are JM Financial Ltd, Nuvama Wealth Management Ltd, UBS Securities India Pvt Ltd, Equirus Capital Pvt Ltd, and PhillipCapital (India) Pvt Ltd. Link Intime India Pvt Ltd is the registrar to the issue.
Business Standard
28-04-2025
- Business
- Business Standard
Saatvik Green Energy Limited showcases Advanced Solar Manufacturing Solutions at RenewX 2025 in Chennai
VMPL New Delhi [India], April 28: Saatvik Green Energy Limited (SGEL), one of India's fastest growing module manufacturing companies, participated in RenewX 2025 from April 23-25 at the Chennai Trade Centre, Nandambakkam. The Company is one of the fastest growing module manufacturing companies in India and has established itself as one of the key players in India's solar energy market. The Company offers modules based on polycrystalline cell technology, monocrystalline cell technology, bifacial technology, M12 technology and advanced Tunnel Oxide Passivated Contact ("TopCon") technology which helps reduce energy loss and enhances overall efficiency. At RenewX, Saatvik showcased its N-TopCon and N- TopCon G12R solar modules, available in monofacial and bifacial options, suited for residential, commercial, and utility-scale projects. The company also highlighted its turnkey EPC capabilities, which include engineering, procurement, construction, and operations & maintenance services for ground-mounted and rooftop solar installations. Saatvik Solar is one of India's leading module manufacturers, in terms of operational solar PV module manufacturing capacity, with an operational capacity of approximately 3.8 GW modules as of February 28, 2025. The Company currently operates three module manufacturing facilities in Ambala, Haryana spread across a total land area of 724,225 square feet, which together form one of the largest single location module manufacturing facilities in India. Speaking on the company's participation, Mr. Prashant Mathur, CEO, Saatvik Green Energy Limited, said, "RenewX offered a vital platform to engage with the fast-growing South Indian solar market. As Tamil Nadu continues to lead in renewable energy adoption, Saatvik was excited to showcase its solar modules and EPC strength." The Company has one of the most diversified client bases in the industry with presence in various segments (large utility, commercial and industrial, Open access, residential rooftop, solar pump) and across geographies (selling in all parts of India, North America, Africa and South Asia). Saatvik's Participation Highlights: * Presented N-TopCon modules for diverse applications. * Displaying Saatvik's expertise in executing EPC projects * Engaged with EPC players, industrial buyers, and developers across Tamil Nadu, Andhra Pradesh, Karnataka, and Kerala, and Telangana. The Company is one of the early adopters of new technology like N-type Topcon and Mono PERC in India. The Company recently launched G12R based Topcon modules and has started commercial production from January 2024. The Company is one of the first movers in the industry. The Company also offers end-to-end solutions through its Engineering, Procurement, and Construction (EPC) arm. The Company is one of the leading EPC companies in India with 69.12 MW of installed EPC base in Fiscal 2024. The Company is one of the few integrated players with capabilities in O & M, EPC, module manufacturing and is now planning to set up a cell manufacturing facility and solar pump manufacturing facility. The Company is one of the largest module manufacturers in North India, which is a lucrative market having high solar incidence area and proximity to states like Rajasthan and Madhya Pradesh. The Company had one of the highest capacity utilisation in Fiscal 2024 (more than 80%) whereas the normal industry utilization was around 60%. The Company commissioned a 61.42 MW floating solar power project at Ramagundam, Telangana in Fiscal 2023, which was one of India's largest floating solar power plants. The Company also commissioned a 12 MW installation for the Jindal Group under its EPC wing in Fiscal 2024, which was one of the largest single rooftop solar projects. About Saatvik Green Energy Limited Headquartered in Gurugram, Saatvik is one of India's leading module manufacturers, in terms of operational solar PV module manufacturing capacity, with an operational capacity of approximately 3.8 GW modules as of February 28, 2025. The company offers Mono PERC and N-TopCon modules, robust EPC services, and O & M capabilities. Its products cater to residential, commercial, industrial, and utility-scale segments with a focus on sustainability, reliability, and performance. Saatvik Green Energy Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, an initial public offering of its equity shares and has filed a draft red herring prospectus dated March 13, 2025 ("DRHP") with the Securities and Exchange Board of India ("SEBI"). The DRHP is available on the website of SEBI at the Company at and the websites of the Book Running Lead Managers - DAM Capital Advisors Limited, Ambit Private Limited and Motilal Oswal Investment Advisors Limited at and respectively and the websites of BSE Limited and National Stock Exchange of India Limited at and respectively. Investors should note that investment in equity shares involves a high degree of risk and for details refer to the Red Herring Prospectus, including the section titled "Risk Factors" of the Red Herring Prospectus, when available. Potential investors should not rely on the DRHP for any investment decision. Media Contact Vineet Kumar Dhiman, Saatvik Solar | +91-9650043472 Ishank Garg, Adfactors PR | +91-9711035025 Supreet Ahuja, Adfactors PR | +91-9999202252 (ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content of the same)
