Chiripal Group’s Grew Energy, one of 11 companies to be selected for PLI allocation; to accelerate Grew’s growth and contribution
Recently, the Government allocated a total capacity of domestic Solar PV module manufacturing capacity of 39,600 MW to 11 companies, one of which is Ahmedabad’s Grew Energy Pvt. Ltd., a venture of Chiripal Group. Tranche-II of Production Linked Incentive Scheme for High Efficiency Solar PV Modules has a total outlay of Rs. 13,937.575 Crores.
For basic understanding, the Production Linked Incentive (PLI) scheme was launched to give a boost to domestic manufacturing sector. A cornerstone of ‘Make in India’ campaign, it not only aims to reduce our dependence on exports but also transform India into a global manufacturing hub. This scheme will encourage the domestic manufacturing of high efficiency PV Modules as well as boost its export by providing financial incentives to companies.
Selection of beneficiaries of the PLI Scheme is done through a transparent selection process. Its parameters include extend of integration, manufacturing capacity, trajectories of module performance and local value addition (LVA), highest efficiency committed, bid capacity, production plans, proposed investment, etc. Disbursement of PLI will be made on annual basis on sales of high efficiency solar PV modules for five years from commissioning or five years from scheduled commissioning date, whichever is earlier.
From a total of 11 companies selected, Grew Energy Pvt Ltd is the only successful bidder from Gujarat under the W+C+M category of PLI Scheme, Tranche II. Under Basket II, Grew will receive allocation of Rs. 566.71 Crores and a manufacturing capacity of 2000 MW.
Mr. Vinay Thadani – Director, Grew Energy Pvt Ltd said, “Manufacturing capacity totalling 7400 MW is expected to become operational by October 2024, 16,800 MW capacity by April 2025 and the balance 15,400 MW capacity by April 2026. So, the next three years will be crucial for Indian manufacturing sector for renewables is concerned.
We positively intend to become the largest domestic and outbound contributors of India through our products and services. Our selection and allocation of funds and manufacturing capacity under Tranche II of PLI scheme will accelerate our plans and we will be able to achieve our targets sooner. We will utilize these funds in renewable energy field to support and achieve India’s goal of renewable energy conservation, growth and its effective yield, by supplying and manufacturing quality enriched and finest solar components and being competitive global player. Also, it is a matter of immense pride for us that we are the only company from Gujarat to be selected.”
Tranche-II of the PLI scheme is expected to bring in investment of Rs. 93041 crores and generate over one lakh direct and indirect jobs.
