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Signet signs MOU with TN to set up manufacturing unit

Signet signs MOU with TN to set up manufacturing unit
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First Published: Mon, Mar 17 2008. 05 18 PM IST
Updated: Mon, Mar 17 2008. 05 18 PM IST
PTI
Chennai: Signet Solar Inc, manufacturers of silicon thin film photovoltaic (PV) modules, will set up its first manufacturing plant at Sriperumbudur at an investment of Rs2,000 crore and has signed an MoU with the Tamil Nadu government in this regard today.
Addressing a press meet here after signing the MoU with M F Farooqui, secretary, Industry in the presence of Tamil Nadu Chief Minister M Karunanidhi, Dr Prabhu Goel, chairman, Signet Solar, said construction of the 300 MW facility would begin later this year.
The technology and manufacturing knowhow for the plant would be transferred from the company’s German operations, he said.
The plant was expected to generate about 4,000 direct and indirect job opportunities, he said. The Chennai plant would be the company’s next major manufacturing unit after its German plant, with a planned capacity of over 300 MW of solar panels, produced every year.
The company’s decision to expand manufacturing in India follows more than $400 million in advance orders for the first three years of production, he said.
The German plant, scheduled to start operations in the third quarter this year, would have a total annual production capacity of 60 MW and additional production lines would be added to increase manufacturing capacity to over 1,000 MW by 2010.
Signet had last year announced plans to set up three solar photovoltaic manufacturing centres in India over a 10-year period.
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First Published: Mon, Mar 17 2008. 05 18 PM IST