Excel Realty N Infra to Enter Renewable Power Segment through Joint Venture
Mumbai-based Excel Realty N Infra Ltd plans to diversify into the solar power segment.
Mumbai: BSE and NSE-listed, Mumbai-based Excel Realty N Infra Ltd, engaged in Realty and Information Technology sector, is planning to diversify into the solar power segment. The Company is looking forward and is willing to explore business opportunities in renewal energy by entering into the business of the Solar segment. The company is planning to enter into Joint Venture(JV) with Seven Greens Solar Systems Pvt. Ltd. The company expects to double its Turnover and Gross profits after entering into the JV. Looking at the future demand for renewable energy and the initiative the central government took to boost this sector, the company would benefit substantially.
Earlier, the company had announced the issue of Bonus shares in the ratio of 1:2 (one new equity share for every two existing equity shares held) and a stock split from Rs.10 to Rs. 1.
The Indian renewable energy sector is the world’s fourth most attractive renewable energy market. With the government’s increased support and improved economics, the sector has become attractive from an investor’s perspective.
As India looks to meet its energy demand on its own, which is expected to reach 15,820 TWh by 2040, renewable energy is set to play an important role. The government plans to establish a renewable energy capacity of 523 GW (including 73 GW from Hydro) by 2030. The country is targeting about 450 Gigawatt (GW) of installed renewable energy capacity by 2030 — about 280 GW (over 60%) is expected from solar.
The government of India has also taken various steps to boost India’s renewable energy sector:
In the Union Budget 2022-23, the Solar Energy Corporation of India (SECI) allocation, which is currently responsible for the development of the entire renewable energy sector, stood at Rs. 1,000 crores (US$ 132 million).
In the Budget, the government allocated Rs. 19,500 crores (US$ 2.57 billion) for a PLI scheme to boost the manufacturing of high-efficiency solar modules.
Also, encouraging rooftop solar is being given a boost by the Ministry of New and Renewable Energy, and it plans to undertake Rooftop Solar Programme Phase Il, which aims to install an RTS capacity of 4,000 MW in the residential sector by the end of 2022 with subsidy benefits which would create a huge demand.