New Delhi1 hour ago
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Avada Group of Renewable Energy Sector has started preparing for IPO of Rs 4,000-5,000 crore of its solar module manufacturing unit. According to reports, the group has contacted several investment banks and legal firms to manage this IPO.
Avada Group has been launched by Vineet Mill, former co-founder of Welspun Energy. Global Inventing firm Brookfield is also invested in the company. Sources say that most of the money collected from IPO will be used for funding the capital experience plan of the group.
This includes introducing 5 GW integrated solar modules and cell manufacturing facility in Uttar Pradesh. However, he warned that the deal is still in the initial phase, so there may be a change in the plan later. There are many solar panel manufacturers who have either raised money through IPO in 2024 or have deposited draft papers for IPO.
In March, the company inaugurated the 1.5 GW Solar Module Giga Factory
The Avada Group in the Clean Energy Sector is presence in areas such as Solar Module Manufacturing, Renewable Energy Production, Green Hydrogen and Amonia. In March, the company inaugurated the 1.5 GW Solar Module Giga Factory in Dadri, Uttar Pradesh. Also laid the foundation of 5 GW integrated manufacturing facility in Greater Noida. Currently, the company is constructing 5,800 solar modules per day.
In April, Avada signed MOU with the Maharashtra government for two projects
In April, Avada signed a MOU with the Government of Maharashtra to develop a 3,650 MW pump hydro storage capacity through two projects- Pawana Palan (2,400 MW) and Sirsala (1,200 MW). This includes an investment of ₹ 15,100 crore.
The company has made a MOU for investment of ₹ 50,000 crore with the Madhya Pradesh government, including the development of 6,000 MW solar energy, 700 megawatt wind energy, 2,100 MW battery energy storage system and 2,000 MW pump storage projects.
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