The Surat-based company will spend Rs. 750 crores on the expansion which will be completed in two phases: reaching 1,000 MW capacity by Q2 of FY 21-22, while the rest will be completed two quarters later.
As the offensive against foreign imports grows, Goldi hopes to capitalise on the sentiment and feed the demand for Indian-made solar components for projects in the country. Currently, more than 85% of our solar equipment is imported.
While a safeguard duty of 14.5% applies to imports from China, the Centre has also imposed a basic customs duty of 25% on cells and 40% on modules from April, 2022. Meanwhile, the Ministry of Commerce’s Directorate General of Trade Remedies (DGTR) is also mulling an additional anti-dumping duty.
The decade-old manufacturer will not make use of the government’s Rs. 4,500 crore productivity-linked incentive scheme, a spokesperson clarified to ET.
The company has further plans for expansion as it hopes to expand to 5 GW by 2025, but the spokesperson added that they might not restrict themselves to the present facility on the outskirts of Surat.
Goldi hopes to achieve backward integration through these expansion plans.
“We have aggressive plans for Goldi’s growth and are looking to expand our manufacturing capacity to 5 GW. The facility expansion comes amid growing global demand for better technology and value from the solar panels,” said Bharat Bhut, Co-founder & Director, Goldi Solar.