RenewSys to invest Rs 6000 Cr in Telangana; signs MoU for setting up manufacturing facility

Hyderabad: Telangana government has signed a Memorandum of Understanding (MoU) with RenewSys India Pvt Ltd to set up multiple PV modules and PV Cell manufacturing units in the state. The company will invest around Rs 6000 crore and generate direct employment for 11,000 members over the next 5 years.

The MoU was signed in the presence of the Minister for Industrial and Commerce, ITE&C, and Legislative Affairs in their factory premises at Fab City, Maheshwaram, Rangareddy district.

Principal Secretary Jayesh Ranjan, Dr. Vishnu Vardhan Reddy, VC& MD TSIIC and Srinath Naidu, Chief Admin officer were present at the occasion.

A globally renowned company headquartered in Singapore, RenewSys has set up India’s first integrated manufacturing facility of solar PV modules and its key components – Encapsulants, Backsheets, and PV cells.

It is one of the leading players in this sector, successfully exporting PV products to nearly 50 countries worldwide.

RenewSys India currently has three manufacturing plants in India - Hyderabad, Bengaluru, and Patalganga. Hyderabad factory is the largest integrated facility.

With the signing of the MoU, the company has committed to make a phased investment of around Rs 6000 crores generating direct employment to 11,000 members over the next 5 years and further expanding their operations in Telangana.

Minister thanked RenewSys team for choosing Hyderabad for their new projects and assured to extend all necessary facilitation to ground the projects in the fastest time possible.

He stated that the new government in Telangana is fully geared up for accelerated growth of the industrial sector. He said a new industrial policy will be put in place shortly.

The mega investment by a leading global company like RenewSys has further consolidated Hyderabad’s position as a leading hub in the country for solar products manufacturing including advanced electronics.