India’s Acme Group targets INR 10,000 crore revenues by 2030 from solar cell and module manufacturing business as it expands its business footprint beyond renewable energy generation.
The Gurgaon-based business group has entered solar module production with an investment of about INR 230 crore in a manufacturing facility in Jaipur, Rajasthan, with an annual capacity of 1.2 GW. The solar module manufacturing facility was commissioned recently and employs more than 700 people.
Acme Group plans to further scale-up the manufacturing capacity as well as establish new cell manufacturing facility under its new business entity Acme Renewable Equipment Manufacturing as it looks to tap domestic and export markets while also meeting the requirements from own projects.
The Ministry of New and Renewable Energy’s (MNRE) has included Acme Group company in the Approved List of Models and Manufacturers (ALMM), which allows it to actively bid and participate in tenders for solar module supply to government-backed projects.
The ALMM mandate gives domestic manufacturers the opportunity to serve a sizable market by creating a non-tariff barrier for Chinese products. The panels on the list comply with the Bureau of Indian Standards and meet the ministry’s module efficiency criteria.
Manoj K Upadhyay, chairman, Acme Group, said, “Our strategic entry into the renewable equipment manufacturing business aligns seamlessly with the Make in India initiative. It marks a significant milestone in our journey to contribute meaningfully to India’s clean energy transition. We are committed to scaling up this business through new capacity enhancing investments as well as solar cells manufacturing in the next few years.”
Acme’s Jaipur manufacturing facility will help it gain supply chain control and further reduce the renewable power cost. “The state-of-the-art manufacturing facility is designed to produce high-efficiency solar modules including latest TOPCon catering to diverse applications—from utility-scale power plants to rooftop installations,” stated Acme.
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It’s exciting to see major investments in India’s solar sector! While ACME is expanding in manufacturing, Avaada Group has been at the forefront of solar power generation, delivering high-efficiency, large-scale renewable energy projects across the country.