Business EconomyPosted at: Feb 19 2024 7:42PM


RenewSys India signs MoU with Telangana Industries Dept for setting up of PV modules

Hyderabad, Feb 19 (UNI) RenewSys India Private Limited signed a MoU with the Telangana Industries Department here on Monday for setting up of multiple PV modules, Cell manufacturing units and Aluminium plant in the state.
With the signing of the MoU, the company has committed to make a phased investment of around Rs 6000 crores generating direct employment to 11,000 members over the next 5 years and further expand their operations in Telangana.
The MoU was signed in the presence of state Industries and IT Minister D. Sridhar Babu in their factory premises at Fab City in Maheshwaram of Rangareddy District on the outskirts of the city.
RenewSys, a globally renowned company headquartered in Singapore and has set up India’s first integrated manufacturing facility of solar PV modules and its key components – Encapsulants, Backsheets, and PV cells.
It is one of the leading players in this sector, successfully exporting PV products to nearly 50 countries worldwide.
RenewSys India currently has three manufacturing plants in the country - in Hyderabad, Bengaluru and Patalganga with Hyderabad factory being their largest integrated facility.
As per the MoU, RenewSys will be setting up the projects including-- Solar PV Modules – Setting up 2 new lines of 1 GW each ; Solar PV Cells – Setting up 1 new line of 1 GW capacity; Solar PV Modules – Setting up 2 new lines of 1 GW each and Solar PV Cells – Setting up 2 GW new line of 1 GW capacity.
The company will also set up an Aluminium Plant with an investment of between Rs 1700 to 2000 crores.
Speaking on the occasion, the Minister thanked RenewSys team for choosing Hyderabad for their new projects and assured to extend all necessary facilitation to ground the projects in the fastest time possible.
Sridhar Babu stated that the new government in Telangana is fully geared towards accelerated growth of the industrial sector and towards this a new Industrial Policy will be put in place shortly.
The mega investments by a leading global company like RenewSys have further consolidated Hyderabad’s position as a leading hub in the country for solar products manufacturing including advanced electronics, the Minister added.
Since initiating manufacturing operations of PV Modules and Cells in Hyderabad, in 2015, RenewSys has achieved an impressive 20-fold revenue increase.
Telangana Principal Secretary of Industries & Commerce and IT Departments Jayesh Ranjan, TSIIC Vice Chairman and Managing Director Dr. Vishnu Vardhan Reddy and Chief Admin Officer Srinath Naidu were present on the occasion.
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Tags: #RenewSys India signs MoU with Telangana Industries Dept for setting up of PV modules
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