Lanco Solar signs MoU with Chhattisgarh

The Solar SEZ in Rajnandgaon, which is being developed under the National Solar Mission, proposes to have “plug and play” facilities for solar component manufacturers with the objective of achieving domestic PV cell production of 2200 mw/year. “Setting up a solar cell plant will complete the value chain such that all the materials related to setting up a solar power plant can be accessed in India”.

The firm posted a loss of Rs 527.48 crore in the same period a year ago, Lanco Infratech Ltd (LITL) said in BSE filing. The MoU was signed between the state’s secretary commerce & industries, Subodh Kumar Singh and president, M/s Lanco Infratech Limited, Raj Kumar Roy in the presence of Dr Singh. For the integrated solar photovoltaic (PV) manufacturing project, which re-started in July 2015, LITL has already done an investment of Rs 1,200 crore to manufacture Polysilicon Refining and Wafer Plant and 150-MW module plant. We feel that the location of the plant is ideal as it is centrally located for entire Indian market.

The project has already approved and committed water and power availability and all clearances for land and its usage. The company on Monday said it has also joined hands with the Chhattisgarh government to enable establishing solar-related manufacturing units. The existing industrial zone within 40 to 80 km periphery of this SEZ would provide adequate manpower and sub-vendor base support to manufacturing units in this SEZ.

The company also wants to raise fresh capital by selling one large power project in 2017 once all its plants are fully operational, CFO T. Adi Babu told Reuters in a telephone interview.

Shares of Gammon India and Lanco Infratech have locked in upper circuit of 20% each on the Bombay Stock Exchange (BSE) with no sellers on the counters.

The news comes as the independent power producer swung back to profit in the June-September quarter, sending its shares surging by a fifth in afternoon trade.