Velankani to invest Rs.140 bn in Andhra PradeshJune 27th, 2008 - 9:27 pm ICT by IANS
Hyderabad, June 27 (IANS) The Andhra Pradesh government has given its nod to a proposal by Velankani group to set up a world class silicon complex in Visakhapatanam. The plant will manufacture chlorosilanes, polysilicon and other silicon compounds for semiconductor and photovoltaic markets. Velankani group managing director and CEO Kiron Shah discussed the proposal with Andhra Pradesh Chief Minister Y.S. Rajasekhara Reddy (YSR).
Velankani group has also chosen the state for setting up a solar power generation facility. Welcoming the decision, YSR said the state government has already provided 150 acres to the group and was ready to give 80 acres more.
Shah said the Velankani group was planning to invest Rs.140 billion ($3.3 billion) in the proposed integrated project over a period of seven years starting from this August.
Pointing out that this would be first-of-its-kind project in South Asia, the chief minister said: “At a time when the fuel cost is going up, solar energy is gaining much more importance.”
The project is expected to cater to the strategic and fast growing renewable solar energy market.
Out of the total investment, Rs.13.5 billion would be invested in the first two years in Visakhapatnam. The proposed project is expected to generate direct employment of 10,000 and indirect employment of 25,000.
On completion, Velankani Renewable Energy Co will have a capacity to produce 500 million silicon wafers per annum, 1,500 MW photovoltaic cells per annum and 1,500 MW of photovoltaic modules per annum during 2010-2016.
Venlankani group, which has a strong presence in IT, hospitality sector and venture capital funding, is planning to roll out its first polysilicon product into the market by October 2009. Earlier the group was in talks with the Gujarat government to set up this project in that state, but after three-month long discussions with Andhra Pradesh, it decided in favour of Visakhapatnam.
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