ReNew Power plans to start manufacturing solar cells and modules in India, the company said on Thursday. The renewable energy firm will invest ₹1,500-2,000 crore to set up a facility which will initially have a 2GW manufacturing capacity. The company is in discussion with various states to set up the unit.
“ReNew will manufacture both solar cells and modules at the upcoming facility and endeavour to create a globally competitive manufacturing unit,” it said in a press release. “The company’s foray into manufacturing will not only help it in backward integration but also provide it a better control over the supply chain for critical components.”
The announcement comes weeks after Prime Minister Narendra Modi urged domestic companies to be self-reliant and reduce dependence on imports, especially in the backdrop of tensions along the India-China border.