Hardip Singh, Chief Operating Officer, Grew Solar
Solar module maker Grew Solar has actually finished the land acquisition procedure to establish a 8 gigawatt(GW)ingot and wafer production center in Madhya Pradesh, anticipated to be functional by March of 2028.
Hardip Singh, Chief Operating Officer, informed businessline that the center will be found in Narmadapuram, Madhya Pradesh, where the business is currently constructing a 3 GW cell production system.
The strategies come at a time when the Ministry of New & & Renewable Energy (MNRE) has actually proposed to consist of solar wafers and ingots under the Approved List of Models and Manufacturers (ALMM) from June 1, 2028, implementing regional sourcing of these parts for Indian solar module producers.
Singh firmly insists that Grew Solar started dealing with developing a regional ingot wafer system even before the alert from MNRE. “When the business was formed itself we had an objective of backwards combination approximately wafers and we were likewise among the recipients of the PLI reward for ingot wafer cell and module,” he stated.
Other strategies
Grew Solar is likewise working on broadening its module making system in Rajasthan from the existing 6.5 GW to 11 GW by FY27.
On the cell production system in Madhya Pradesh, Singh stated that the preliminary 3 GW capability must be functional by next month while the business is likewise dealing with including another 5GW capability by February 2027.
In regards to financials, Singh stated that Grew Solar closed FY25 with an income of about 1,400 crore and has more than doubled its topline ever since in FY26, without sharing precise figures.
Provided the growth in making throughout cells and modules prepared this year, he stated, the business is anticipating another 2x dive this year.
Debt consolidation is near
On the possibility of an overcapacity for solar in India, Singh discussed that like any market which remains in a ‘dawn’ stage, the marketplace is crowded with numerous gamers, however a duration of debt consolidation is on the cards.
“The preliminary of debt consolidation will occur in 2027, when gamers who do not have cell lines will not have the ability to contend in the market. A 2nd round of debt consolidation will take place in 2028, when ingot wafer combination requirements kick in. Consumers and major independent power manufacturers (IPPs) are understanding this now and are engaging with gamers who have long-lasting strategies right as much as ingot wafer,” he stated.
When it comes to the business’s market existence, Singh stated that bulk of Grew Solar’s sales originate from IPPs in markets like Rajasthan and Gujarat however discussed that with the broadened capability it will likewise seek to increase its play in the retail roof solar market.
He included that the business likewise has some significant strategies in the battery storage and information sector domains, however these strategies stay at an early phase.
Released on May 15, 2026
