The company will involve itself in installing solar plants and solar projects.
RPG group, the Harsh Goenka owned company could soon enter the highly viable renewable energy aka solar business in the country. The company’s Rs 150 billion power transmission wing, KEC will be involved in bidding for engineering, procurement and construction contracts to install solar plants and other solar projects in the country.
“We are in talks with a few developers and hope to launch our solar EPC business in April,” Ramesh Chandak, managing director and CEO, KEC, was quoted as saying in the report.
The solar sector fortunes of India are rapidly gaining huge attention from all spheres; be the government, be it domestic solar developers or even multi-national energy firms from across the globe.
It is being said that India is poised to add around 2 GW capacity every year in solar power, and the sector is estimated to become a Rs 140 billion per annum industry, which has enforced brands like Tata, Larsen & Toubro, Welspun, Mahindra and Moser Baer to show keen interest in the potential.
KEC has already received its rating to evaluate performance capability and financial strength to execute solar EPC projects and now the company hopes get the nod from Ministry of New & Renewable Energy’s (MNRE) to bid for contracts.