UTL Power plans Rs 500 crore investment over four years in MP

New Delhi: UTL Solar aims to set up a new manufacturing unit with an estimated investment of Rs 500 crore over the next four years at Ratlam in Madhya Pradesh. The facility will produce 5 GW of solar panels, solar inverters, and solar batteries each and will be spread over an area of 100 acres on the Delhi-Mumbai Expressway.

The company, which is aiming for a topline of Rs 1400 crore in the current financial year, has four manufacturing plants in Himachal, Haryana, Delhi and Greater Noida in Uttar Pradesh.

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The proposed unit in Ratlam will be primarily funded through internal accruals though the help from banks will also be taken for project funding. Beyond India, UTL is already a key exporter to 10 countries across South Asia and Africa and is open to exporting to more countries after meeting domestic demand for solar products.

Among its key manufacturing units, UTL has a 2-acre site with a 3-story building in Greater Noida. The company has dedicated an entire floor to solar panels. At Bawal in Delhi, UTL has a 5-acre plant producing lead-acid batteries and solar panels. The company has rented 100,000 sq. ft. space in Uttar Pradesh as it plans to add 500 MW capacity in solar panels in the next 3-5 months and take the total capacity to 1 GW.

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