Asahi India Glass Ltd (AIS) and Vishakha group have announced a new partnership into solar glass. The agreement is to set up what they say will be India’s largest greenfield solar glass plant at Mundra, Gujarat, with a phase-1 glass manufacturing capacity of up to 3GW of the installable capacity of solar power plants.
The plant is expected to be commissioned within 18-24 months. AIS will take a minority stake in the solar glass business.
Vishakha Group is a manufacturer of flexible polymer packaging and has manufacturing facilities for other key components in the entire solar panel value, according to a press release.
As part of its commitment to the Paris Climate Agreement, India has now embarked on a target of generating 450 GW of renewable energy by year 2030. This has led to a surge in demand for solar power in India, resulting in demand for solar power equipment, panels and solar glass, according to the release.
“Although a different market segment, solar glass is still an adjacent business to the existing businesses of AIS,” Sanjay Labroo, managing director and CEO of AIS. “We are delighted to partner with Vishakha group in their vision of creating the entire ecosystem and value chain for indigenizing solar energy … in India.”
“India has been one of the few nations that has accelerated its global commitment towards climate change and we intend to do our part to achieve the renewable energy target,” said Jigish Doshi, chairman of the Vishakha Group. “The joint venture into solar glass manufacturing will support the ‘Atmanirbhar Bharat’ initiative of the Government of India, contribute in achieving energy independence and lead to massive job creation in the Gujarat region. We are delighted to partner with AIS in this new journey. We plan to compliment the technical expertise and experience of AIS with synergies from our other businesses in the entire solar value chain.”