Avaada Group Plans ₹1 Lakh Crore Investment as Solar Manufacturing Arm Files for IPO

Mumbai, November 28: Renewables-focused Avaada Group has announced a new expansion plan. It will be investing ₹1 lakh crore across India over the next five years. This comes at a time when its solar manufacturing arm, Avaada Electro, is planning to launch its IPO soon.

Avaada Group is a leading Indian conglomerate in the Green Energy sector. It is focused on transitioning India and the world towards sustainable energy solutions. It is one of the fastest-growing independent power producers (IPPs) and is highly diversified across the entire clean energy value chain. The company currently has 6,000 employees and plans to increase the head count to 10,000 employees in the next five years. The group was founded by Vineet Mittal in 2009, and is headquartered in Mumbai, Maharashtra.

Solar Manufacturing Arm Files IPO Documents

The investment by Avaada Group comes at a time when its solar manufacturing arm, Avaada Electro, has filed confidential IPO documents with SEBI to launch its IPO. Chairman Vineet Mittal said that the IPO may launch in the first half of next year, but declined to share further details due to the confidential nature of the IPO.

Aggressive Capacity Expansion Across Segments

Avaada currently has 6.1 GWp of operational solar power capacity. Mittal said this will be scaled up to 30 GWp over the next five years. The company is also planning to expand its wind power portfolio. It expects wind power to contribute one-fifth of its total generation capacity in the next five years.

Glass Manufacturing Facility on Schedule

Currently, Avaada is developing a glass manufacturing facility near Noida. It is being designed for a capacity of 1,200 tonnes per day. The company said that it expects operations to start within 13-14 months.

What’s Ahead for Avaada Group?

Avaada Group’s ₹1 lakh crore investment indicates the company’s strong financial health and its increasing focus on expansion. The investment will help the company increase its market presence and revenue. Its solar manufacturing arm is headed for its IPO, but investors have to wait further for key details due to the confidential nature of the IPO issue.

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