In a bid to increase the size o solar market and increase its share in it, the Rs 650-crore Tata BP Solar announced on Wednesday an investment Rs 450 crore ($100 million) over the next 12-18 months to expand its existing capacity and setting up nw production lines at its Bangalore plant. The Tata-British Petroleum (BP) joint venture would be investing $300 million over the next three years (by 2010) to achieve the plant's full designed potential of 300 mw.
The current infusion of the $100 million will double the solar major's cell manufacturing capacity to 50 mw per annum, and in the next phase take it up to 128 mw in 12-18 months. It would also double its solar module production from 45 mw to 85 mw by 2007-end. "We are investing in capacity to meet the growing demand for solar products, which is around 20-25 per cent in India and 30-35 per cent in the overseas market," said Tata BP Solar India chief executive officer (CEO) K Subramanya.
The solar product firm has over 30 per cent of the market share in the country. Its turnover has grown 51 per cent to Rs 659 in 2006-2007, from Rs 430 crore in 2005-2006. Of the total sales, Rs 450 crore constituted of exports and Rs 200 crore was generated from domestic markets.