Public sector electronics and telecom gear maker ITI Limited plans around Rs 150 crore investment to scale up its solar panel manufacturing capacity to 90 MW in the next fiscal, a top company official said.
The company, which plans to raise Rs 1,600 crore through a follow-on public offer (FPO), has a solar panel capacity of 18 MW currently.
“Given the kind of demand we are witnessing in the solar space, especially in the rooftop segment, from corporates and commercial establisments as well as the state governments, we want to be ready to tap that opportunity,” the company’s Chairman and Managing Director RM Agarwal told PTI.
He said the company will be investing Rs 150 crore for scaling up the capacity, which it hopes to get from the budget allocated to the Department of Telecommunications, Ministry of Communications.
