India’s Hindalco Industries plans to enter solar panel manufacturing. The manufacturing facility will likely be located in Gujarat as the company has identified land in Mundra, according to report by Reuters.
Hindalco is a mining and metals company of the diversified conglomerate Aditya Birla Group. Reuters reported Hindalco is evaluating a five-year plan, which is yet to be approved by its board of directors.
Hindalco is an industry leader in aluminium and copper production. It produces copper cathodes, continuous cast copper rods in various sizes, and precious metals like gold and silver. Strengths in these metals positions Hindalco to seize opportunities in solar panel manufacturing as India aims to increase its non‑fossil fuel capacity to 500 GW by 2030, with a focus on energy from solar PV systems.
As its growth strategy, the company’s focus is on developing downstream products that align with the increasing demand, particularly in the electric vehicle (EV) and renewable energy sectors.
Hindalco targets 300 MW of renewable capacity (200 MW without storage and 100 MW with storage) by 2026 as the company looks to reduce its carbon footprint. It reached 173 MW of installed renewable capacity (without storage) as of March 31, 2024. The company has invested in a 100 MW hybrid round-the-clock project with storage, which is on course to start commissioning by the first half of CY25.
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