Bangalore: Tata BP Solar India Ltd, the joint venture between Tata Power and BP Solar, will invest $100 million (Rs440 crore) to raise manufacturing capacity of solar cells by an additional 128MW in the next 18-24 months.
BP Solar, the solar arm of BP Plc., holds 51% stake in the privately held Tata BP Solar, with the rest held by Tata Power. Both partners will invest similar amounts for the expansion.
Since its inception in 1991, the company has invested $25 million in developing manufacturing units in Bangalore that produce solar photovoltaic cells annually to generate 50MW electricity, including a 36MW production line inaugurated on Wednesday. “We plan to double our headcount to 1,200 during the period,” said K. Subramanya, chief executive of Tata BP Solar.
The company estimates that it would need a combined investment of $300 million to achieve full-scale production of solar cells of the plant’s designed potential of 300MW.
Sales in India for Tata BP Solar are growing at 25% annually. “We expect the Indian market to grow faster in coming years and witness further growth in our market share from the current 33%,” said Subramanya.