Tata BP Solar to invest USD 100 million for expansion in India
source: Myiris.com
http://www.myiris.com/newsCentre/newsPopup.php?fileR=20070322081532121
Tata Power, subsidiary Tata BP Solar India, provider of solar power systems, announced an USD 100 million expansion plan, to be implemented over 18 months, reports Mint. The investment aims at, doubling the manufacturing capacity of solar photovoltaic cells at its Bangalore plant. Tata BP Solar India, a 51:49 JV between BP Solar and Tata Power, (Q, N,C,F)* commenced its commercial operations in 1991. The joint venture has invested USD 25 million in India.
“Today, we opened the new 36 mw solar photovoltaic production line. Now, the total manufacturing capacity has reached to 50 mw per annum. The next phase of the expansion will see an additional 128 mw of solar photovoltaic cell capacity during 2007-08. The headcount will also be doubled from the present 600,” said Tata BP Solar CEO K Subramanya. The firm estimates the total investment required to achieve the plant’s full designed potential of 300 mw solar photovoltaic cell capacity to be USD 300 million.
“This investment (USD 100 million) is part of the roadmap laid out to ensure that the firm retains its number one position in the Indian subcontinent,” said BP Solar president and CEO Lee Edwards. The revenues of the firm are expected to reach Rs 6500 million this financial year against the last year’s Rs 4330 million. While exports will account for Rs 4500 million, the domestic market’s contribution is Rs 2000 million.
“The Indian market is growing at a rate of 25% every year against an international average of 30%. We expect the Indian market to pick pace in the coming years. At present, we command 33% of the market share in India,” Subramanya stated.