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Automobile component manufacturer and engineering services provider JBM Group formally announced its foray into the solar energy sector on Thursday with a plan to invest ₹1,600 crore over the next three years to have a capacity of 300 MW.
The $1.3-billion group has formed a new entity, JBM Solar, and plans to be an independent power producer with a focus on both ground-mounted and rooftop solar projects.
JBM Solar has commissioned a rooftop solar installation at the India Habitat Centre generating 250 KW. The company has also bagged an order from the Haryana Government to set up 20 MW of capacity.
“We feel this is the right time to enter the solar power sector. Going forward, we project that the solar power vertical will contribute 15 per cent of the total revenue at the group level. We also plan to expand this business to wind energy and biomass in the next phase,” said Nishant Arya, Executive Director, JBM Group.
Arya added that the company also plans to hire up to 100 people in the solar vertical.
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