Kamath Invests Rs 137 Cr in Goldi Solar

Mumbai, Aug 18 (PTI) Nikhil Kamath, co-founder of the brokerage Zerodha, on Monday announced a Rs 137.5 crore investment into solar PV module manufacturer Goldi Solar for an undisclosed stake.

The Gujarat-based company will use the fresh funding for expansion activities, a statement said.

"Renewable energy in India is a massive sector, and there is an equally massive opportunity to build global-scale companies right here on our home ground," Kamath said.

In the last year, Goldi's solar PV module manufacturing capacity has grown to 14.7 GW from 3 GW and the company is also developing its solar cell manufacturing expansions in Surat, Gujarat, the statement said.

The 2011-incorporated company said it will continue to introduce high-efficiency solar PV modules and cells incorporating emerging technologies to meet the country's growing clean energy needs.

The investment has come at a time when rival Vikram Solar is in the process of its Rs 2,000 crore initial public offering amid rapid growth in domestic solar demand, the statement said.

It said the government is targeting 280 GW of solar power by 2030, and has also policy interventions on the import duties on foreign modules, and incentives for local manufacturers under the Production Linked Incentive scheme.