Exclusive: Waaree Group aims to raise Rs 2,000 crore through IPO: CMD Hitesh Doshi

Waaree Energies Limited’s Chairman & MD Hitesh Chimanlal Doshi’s interview Highlights 

Justification

• It plans to raise Rs 2000 Cr through IPO within this FY, & is working on its DRHP.

• It plans for solar expansion in two phases-

  • Setting up 5.4 GW solar cell manufacturing capacity in an existing plant in Chikhli, Gujarat, costing Rs 2,800 crore by March 2024 

  • planning to set up a 6 GW ingot-to-wafer-to-module manufacturing unit, costing approx Rs 8,000 crore, expected to be ready in March 2025. Waaree is discussing plant locations with the governments of Gujarat, Odisha & Rajasthan.

• Waaree’s subsidiary, Waaree Renewable Technologies Ltd, plans to set up a 2 GW solar module manufacturing factory in Texas, US.

• Waaree Group also runs India’s largest NABL-accredited solar module testing laboratory.

• The imports of solar modules by India are on the rise due to low solar prices by China, from 26% to 14%. 

• It plans on diversifying into the electrolyser manufacturing business in India starting next year.

• Grid connectivity and finite land are two of the biggest challenges a/c to the company.