The Hindu Business Line : Lanco Infratech to foray into solar sector

Hyderabad, Aug. 22 Lanco Infratech is set to foray into solar modules’ manufacturing and solar power generation with significant investments. A special purpose vehicle is being formed for this purpose.

This move follows the company’s recent initiative for wind energy equipment manufacturing facility, which will later lead to wind energy farms in India and abroad with investment of about Rs 1,000 crore initially.

The Chairman of Lanco Infratech, Mr L. Madhusudhan Rao, told Business Line : “The solar business will see significant investment. However, we would not like to disclose the overall size of the investment at this point.”

“We are considering sites in three States, which includes Madhya Pradesh, Chhattisgarh and Orissa, to establish a manufacturing site for solar modules,” he said. Mr Rao said details relating to solar power foray will be announced later this year.

“Meanwhile, Lanco had made significant progress in the wind energy sector. The investment in wind energy is two-way. First, we expect to manufacture equipment for 2-MW wind energy units at a site located on the Chennai-Andhra Pradesh border and use the equipment to set up turbines and farms overseas,” Mr Rao said.

The Head of Lanco Wind Energy Business, Mr. Nagaprasad, said that the company has acquired sites on the west coast to set up farms.

Partner’s issue

On recent media reports about Lanco’s partner Genting (a Malaysian group) in Kondapalli project possibly exiting the company ventures, Mr Rao said: “As of now we do not have any information about this. All we know is that they are currently restructuring their business and believe that this will not have any impact on the projects we are engaged with, including the joint bid for Ultra Mega Power Project (UMPP) at Tilaiya.”

While Lanco was chosen L1 for Sasan UMPP, the project was later allotted to Reliance ADAG as the Lanco overseas partner Globaleq went through restructuring, forcing it to have a new partner in Jindal.

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