Ahmedabad: One of India’s top solar PV module manufacturers, Saatvik Solar, has procured 60 acres of land in Gandhidham, Gujarat, for long-term expansion. The company already operates a functional oleo chemicals plant in Gandhidham, an ideal location for export and import due to its proximity to both Kandla and Mundra ports.

Saatvik Solar, which operates three solar PV module manufacturing plants and a fourth plant for ancillary products in Ambala, is currently focused on operationalizing another solar PV and cell manufacturing plant in Odisha. This facility will add 4 GW of module capacity and 2.5 GW of cell manufacturing capacity. With 3.8 GW of installed capacity, the company is among the top five solar PV manufacturers in India and currently has 2.5 GW in its order book.

The company has supplied 450MW of modules and confirmed the further supply of 1GW in the coming fiscal year. Regarding its Gujarat operations, Prashant Mathur, CEO of Saatvik Green Energy Ltd, shared that the company has been a key supplier of solar PV modules for several prestigious utility and C&I projects in the state. These include the 100 MW GSECL project at Raghanesda, the 30 MW GSECL project for Kutch, and the 324 MW GUVNL project, supplying modules for Sundernagar and Radhanpur locations, as well as a 2.6 MW ONGC project in Khambhat. Major supplies in the C&I segment include clients such as Fuji Silvertech Concrete Pvt Ltd, Palshellcast Pvt Ltd, Trom Industries Ltd, Amol Minechem Ltd, Unpoly Valves India Pvt Ltd, G Tex Fabrics Pvt Ltd, Gujarat Flotex Pvt Ltd, Baxter Pharma India Pvt Ltd, and Amul Mandali.

Mathur also stated that the company aims to increase its market share in India to 7%-10% by FY 2026. Saatvik’s export component currently accounts for 5% to 10% of its business. The company’s revenue grew tenfold over the past 10 years, reaching Rs. 1,100 crore from Rs. 100 crore. Mathur expressed confidence that Saatvik will surpass the Rs. 2,000 crore mark this fiscal year.

He further mentioned that the company expects its profit after tax (PAT) to reach approximately Rs. 170-180 crore, representing 80% growth from the previous year. Saatvik is set to expand its operational capacity from the current 1.8 GW to 3.8 GW by operationalizing an additional 2 GW by November 2024. The Neelesh Garg-led company currently employs 1,500 workers, with plans to increase the workforce to 2,500 by next year. DeshGujarat