India: Indosolar raises INR 3.5 billion to establish new solar cell production line21. September 2010 | Applications & Installations, Industry & Suppliers | By: Jaideep Malaviya
India-based IndoSolar Limited has announced it is to add a new 100-megawatt (MW) production line to its 300,000 square foot solar cell facility - located around 55km from Delhi airport, in northern India's Uttar Pradesh state - after raising INR 3.5 billion in public financing.
This expansion, said the company, will make it the largest solar cell manufacturer in India. Machinery and technology have been supplied by Schmid GmbH on a turnkey basis.
At present, the company has two polycrystalline cell manufacturing lines with an aggregate annual manufacturing capacity of 160 MW. The facility, however, could accommodate a maximum of four productions lines in the future, with a peak production capacity of 460 MW annually.
Under the government's Special Incentive Package Scheme, the company is entitled to receive a 25 per cent capital subsidy on its investments. In addition, its manufacturing facility in Greater Noida has been granted 'Export-Oriented Unit' status and is eligible to enjoy certain benefits, such as a 15 year tax break and concessional import duty on equipment.
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