RenewSys signs MoU for setting up of multiple PV modules and PV Cell manufacturing units in Telangana
The phased investment would be generating a direct employment to 11,000 members over the next five years.
Hyderabad: RenewSys India Private Limited signed a Memorandum of Understanding (MoU) with Telangana government for setting up of multiple PV modules and PV Cell manufacturing units in the State with a phased investment of Rs.6,000 crore extending till financial year 2028.
The phased investment would be generating a direct employment to 11,000 members over the next five years. The company management signed the MoU in the presence Industries Minister D Sridhar Babu at their factory premises in Fab City, Maheshwaram here on Monday.
RenewSys is a globally renowned company headquartered in Singapore and has set up India’s first integrated manufacturing facility of solar PV modules and its key components – Encapsulants, Backsheets, and PV cells.
At present, the company has three manufacturing plants, including Hyderabad, Bengaluru and Patalganga. The Hyderabad factory is their largest integrated facility. The Industries Minister thanked RenewSys team for choosing Hyderabad for setting up their new units and assured to extend all support to the management in grounding the projects.
“Telangana government is fully geared up towards accelerated industrial growth and towards this a new Industrial Policy will be introduced shortly,” Sridhar Babu said. The investment by RenewSys has further consolidated Hyderabad’s position as a leading hub in the country for solar products manufacturing including advanced electronics, he added.
