Solar water heater maker Anu Solar will hire over 1,000 campus graduates this year to expand its presence across the country, says a Hindu Business Line report.
The Rs 600 million company plans to double its revenues by the end of the year, and is expanding operations across the country, TJ Joseph, managing director, said. The Bangalore based company will set up 70 centres across the country, from 28 in the South now.
The company is self-funded and expects to come out with an IPO in about four years, after it crosses the Rs 10 billion revenue mark, Joseph said.
Anu Solar is also widening its range of products and is entering the off-grid segment, with solar power generators.
The company has also formed a joint venture (JV) with a German company SEI AG to manufacture products that are similar to diesel power generators. The company is investing Rs 600 million to set up a manufacturing unit to make the products.
The unit also has a solar panel manufacturing line and a unit to make LED lamps to go with the power generators, so the company can be a “one stop shop and provide the entire range of solar solutions,” Joseph said. The unit will be commissioned in about two months, he added. The 25 year old company currently has a solar water manufacturing plant which rolls out about 200 pieces per day.