Chiripal Group forays into solar power equipment sector

Ahmedabad-based conglomerate Chiripal Group, which has businesses in textile, petrochemicals, education, NBFC and infrastructure sectors, plans to diversify into the solar power equipment space with an estimated investment of Rs 6,000 crore in a project in Jaipur.

“A new company, Chiripal Renewable Energy, is being formed for the project. Chiripal Group has purchased 26 acres of land at Dudu, situated on Jaipur-Delhi national highway. We will make solar panels, cells and glass at the facility,” said Vinay Thadani, chief executive officer of Vishal Fabrics, a flagship company of the group.

The solar equipment project will be fully commissioned in the next four years in four phases, said Thadani, who is also director of the new company. The first phase will be commissioned by the end of June 2023. The group will also apply for benefits under the product linked incentive scheme, he said.