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UTL Solar, a prominent company in India’s solar sector, has unveiled its intention to set up a new manufacturing facility in Ratlam, Madhya Pradesh, as part of its efforts to expand its solar product range. With an anticipated investment of Rs 500 crore over the next four years, the ambitious project aims to manufacture 5 GW of solar panels, solar inverters, and solar batteries, spanning across a vast 100-acre area along the Delhi- Mumbai Expressway.
UTL Solar aims to reach a revenue of Rs 1400 crore this fiscal year and currently runs four manufacturing units situated in Himachal Pradesh, Haryana, Delhi, and Greater Noida in Uttar Pradesh. The company has already achieved a production capacity of 1 GW for both solar batteries and solar inverters and intends to achieve a similar capacity for solar panel production soon. The new Ratlam facility is anticipated to significantly enhance UTL’s manufacturing capabilities, with plans to annually add 1-1.5 GW of capacity across its product lines. The main source of funding for the Ratlam unit will be internal earnings, supported by bank loans for project funding. UTL Solar is currently a major exporter to ten nations in South Asia and Africa and is willing to consider entering more international markets once it meets local demand.
Among its current manufacturing sites are a 5-acre factory in Bawal, Delhi, that specializes in lead-acid batteries and solar panels, and a 2-acre site in Greater Noida that is devoted to the production of solar panels. In addition, the business is now installing 500 MW of solar panels in Uttar Pradesh with the goal of soon reaching a 1 GW total capacity.
With rooftop solar systems becoming more and more popular among families, Dua emphasized the growing prospects in India’s solar business. “As solar becomes more popular among the typical Indian family, retail is our main development channel. Currently, roughly 8 lakh homes have on-grid solar systems installed; if we were to aim for one crore homes, the potential would be ten times more,” he said. Through extensive subsidies, the government’s flagship program, the PM Muft Surya Ghar Bijli Yojana, is anticipated to play a critical role in stimulating demand.
