Excel Realty N Infra to enter renewable power segment through Joint Venture
Oct 17, 2022
New Delhi [India], October 17 (ANI/PNN): BSE and NSE listed, Mumbai-based Excel Realty N Infra Ltd, engaged into Realty and Information Technology sector is planning to diversify into solar power segment. The Company is looking forward and is willing to explore business opportunities in renewal energy by entering into business of Solar segment. The company is planning to enter into Joint Venture(JV) with Seven Greens Solar Systems Pvt. Ltd. The company expects to double its Turnover and Gross profits after entering into the JV. Looking to the future demand of renewal energy and initiative taken by the central government to boost this sector, the company would benefit substantially.
Earlier, the company had announced the issue of Bonus shares in the ratio of 1:2 (one new equity share for every two existing equity shares held) and stock split from Rs 10 to Rs 1.
The Indian renewable energy sector is the fourth most attractive renewable energy market in the world. With the increased support of Government and improved economics, the sector has become attractive from an investors perspective.
As India looks to meet its energy demand on its own, which is expected to reach 15,820 TWh by 2040, renewable energy is set to play an important role. The government plans to establish renewable energy capacity of 523 GW (including 73 GW from Hydro) by 2030. The country is targeting about 450 Gigawatt (GW) of installed renewable energy capacity by 2030 -- about 280 GW (over 60 per cent) is expected from solar.
Government of India has also taken various step to boost India's renewable energy sector like
In the Union Budget 2022-23, the allocation for the Solar Energy Corporation of India (SECI), which is currently responsible for the development of the entire renewable energy sector, stood at Rs. 1,000 crores (USD 132 million).
In the Budget, the government allocated Rs. 19,500 crore (USD 2.57 billion) for a PLI scheme to boost manufacturing of high-efficiency solar modules.
Also encourage rooftop solar is being given a boost by the Ministry of New and Renewable Energy and it plans to undertake Rooftop Solar Programme Phase Il, which aims to install RTS capacity of 4,000 MW in the residential sector by end 2022 with subsidy benefits which would create a huge demand.
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