Solar panel installer Ganges Internationale to set up ₹40-cr facility
Solar panel mounting structure manufacturer Ganges Internationale will expand its facility to cater to project developers in northern India. The company is looking to expand its existing 1-GW capacity by another 400 MW through the proposed facility.
Vinay Goyal, CEO, Ganges Internationale, told BusinessLine: “We are looking at an investment of ₹40 crore to be funded from internal accruals, plus term loans. The facility is likely to be set up in Pune and will be online by the end of this year.” The company’s existing manufacturing facility is in Puducherry. The west coast facility will service the requirements of clients in north India, he added.
The company is awaiting clarification on the status of solar manufacturing under the Goods and Services Tax (GST) regime. Goyal said: “We hope that solar manufacturing is zero rated under the GST regime. The current excise incidence is nil, any increase will be detrimental for the industry and investment decisions will have to be reworked accordingly.”
Goyal said: “In 2011, we had a turnover of ₹10 crore. We closed at ₹210-212 crore for 2016-2017. Next year, we are targeting ₹400-450 crore through our solar business alone.”