Solar panel maker to double output despite prices drop

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Surana Ventures Ltd. (SURA), an Indian maker of solar panels, is planning to double production after oversupply from Chinese manufacturers pushed prices down by almost 34 percent in the past year. The company, based in the southern city of Hyderabad, plans to increase output of panels to 30 megawatts this year and invest 250 million rupees ($4.5 million) in a solar cell plant, Managing Director Narender Surana said in an interview.

Surana is counting on one of the fastest-growing solar markets where larger local rivals including Moser Baer India Ltd. (MBI), the country’s biggest maker, and Indosolar Ltd. (ISLR) are struggling to cope with the crash in prices. Prime Minister Manmohan Singh’s government seeks to turn India into a global hub with rules to help almost triple manufacturing capacity to 5 gigawatts by 2020.

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