Hindalco Industries Plans Entry Into Solar Module Manufacturing With Gujarat Plant

ENA Sectors 2024-09-18 15:56:50 Gandhinagar, Sep 18 (KNN) Hindalco Industries, part of the Aditya Birla Group, is preparing to enter the solar module manufacturing sector and is considering setting up a plant in Gujarat, sources told Reuters on Tuesday. The company is evaluating a five-year plan to enter the competitive solar energy industry, according to one of the sources. Hindalco, India's second-largest aluminium producer, has identified land in the port town of Mundra in Gujarat for the proposed facility, another source said. However, the plans are still pending board approval and the finalisation of capital expenditure. This move marks Hindalco's first venture into manufacturing green energy components. Given its dominance in aluminium production, solar module manufacturing would align well with its expertise, one source noted. Hindalco did not immediately respond to requests for comment. In 2022, Hindalco collaborated with Greenko Group to develop solar and wind energy capacity for its aluminium smelters. Now, its potential entry into solar module production comes at a time when several of Indias top companies are expanding into the renewable energy sector. Reliance Industries also plans to start manufacturing solar modules at its giga factory in Jamnagar later this year, while Tata Power is already producing solar modules and cells at its existing facilities. India, aiming to significantly boost its renewable energy capacity, has set a target of adding at least 500 gigawatts of clean energy by 2030. (KNN Bureau) 39322 https://knnindia.co.in/news/newsdetails/sectors/hindalco-industries-plans-entry-into-solar-module-manufacturing-with-gujarat-plant 2024-09-18 15:56:50 knnindia.co.in Hindalco Industries Plans Entry Into Solar Module Manufacturing With Gujarat Plant