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Aeon Renewable Energy, a division of Madurai Appu Chain of Restaurants, plans to invest about Rs 250 crore as part of its strategy to become a major player in the solar power industry.
The company aims to attain leadership position in the domestic household market by setting up a solar power plant in Tamil Nadu with an investment of Rs 250 crore in a phased manner, R Chandrasekaran, Chairman, Aeon Renewable Energy said.
“We extend our business vertical to solar energy along with existing restaurant chain of business. We will be setting up a 25MW solar power generation plant at Pudukottai and Virudhunagar in Tamil Nadu”, he said in a statement today.
The company would initially operate through 150 dealership networks across the country, he said, adding, the proposed investments would be raised through financial institutions and by promoters.
Aeon Renewable Energy has inked joined venture partnership with the city-based Anna University under industry—academia partnership, he said, adding, the company plans to recruit about 300 engineers in order to strengthen its installation, after sales and service support.
“After focusing in Tamil Nadu and Puducherry, we will expand our footprint in south India with a capacity addition up to 50MW”, he said.
On the association with Yingli Solar, which is considered as one of the largest solar panel manufacturers, Aeon Renewable Energy, Managing Director R C Sabarish said “our partnership will provide proven products with international standard for customers. We are the only partner for Yingli Solar in south India”.
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