Solar module maker Grew Solar has completed the land acquisition process to set up a 8 gigawatt (GW) ingot and wafer manufacturing facility in Madhya Pradesh, expected to be operational by March of 2028.
Hardip Singh, Chief Operating Officer, told businessline that the facility will be located in Narmadapuram, Madhya Pradesh, where the company is already building a 3 GW cell manufacturing unit.
The plans come at a time when the Ministry of New & Renewable Energy (MNRE) has proposed to include solar wafers and ingots under the Approved List of Models and Manufacturers (ALMM) from June 1, 2028, enforcing local sourcing of these components for Indian solar module manufacturers.
Singh insists that Grew Solar began working on building a local ingot wafer unit even before the notification from MNRE. “When the company was formed itself we had a goal of backward integration up to wafers and we were also one of the awardees of the PLI incentive for ingot wafer cell and module,” he said.
Other plans
Meanwhile, Grew Solar is also working on expanding its module manufacturing unit in Rajasthan from the current 6.5 GW to 11 GW by FY27.
On the cell manufacturing unit in Madhya Pradesh, Singh said that the initial 3 GW capacity should be operational by next month while the company is also working on adding another 5GW capacity by February 2027.
In terms of financials, Singh said that Grew Solar closed FY25 with a revenue of about ₹1,400 crore and has more than doubled its topline since then in FY26, without sharing exact figures.
Given the expansion in manufacturing across cells and modules planned this year, he said, the company is expecting another 2x jump this year.
Consolidation is near
On the possibility of an overcapacity for solar in India, Singh mentioned that like any industry which is in a ‘sunrise’ phase, the market is crowded with many players, but a period of consolidation is on the cards.
“The first round of consolidation will happen in 2027, when players who do not have cell lines will not be able to compete in the market. Similarly, a second round of consolidation will happen in 2028, when ingot wafer integration requirements kick in. Customers and serious independent power producers (IPPs) are realising this now and are engaging with players who have long-term plans right up to ingot wafer,” he said.
As for the company’s market presence, Singh said that majority of Grew Solar’s sales come from IPPs in markets like Rajasthan and Gujarat but mentioned that with the expanded capacity it will also look to increase its play in the retail rooftop solar market.
He added that the company also has some meaningful plans in the battery storage and data sector domains, but these plans remain at an early stage.