Popular telecom equipment manufacturer ITI Limited is planning to invest Rs 150 crore to increase its solar panel manufacturing capacity to 90 MW in the next financial year.
As per reports, the company plans to raise Rs 1600 crore through a Follow-On Public Offer (FPO).
The company’s chairman cum managing director R M Agarwal said that it is looking to invest in developing solar power due to its widespread demand in most of the private and public business establishments.
“Given the kind of demand we are witnessing in the solar space, especially in the rooftop segment, from corporate and commercial establishments as well as the state governments, we want to be ready to tap that opportunity,” he added.
He said the company will be investing Rs 150 crore for scaling up the capacity, which it hopes to get from the budget allocated to the Department of Telecommunications, Ministry of Communications.
The company is expecting at least Rs 500 crore from the government in the next fiscal for meeting its various capital expenditure requirement.
Moreover, the telecom gear maker is also focusing on manufacturing advanced Light Emitting Diode (LED) based products.