LUXRA Group, a part of the renowned Saint Gobain Group and a stalwart in the solar industry since 2007, has inked a significant memorandum of understanding (MOU) with Rayzon Solar to establish a strategic joint venture in solar module production in India. This move aligns perfectly with the ‘Make in India-Bharat’ initiative, which has been a cornerstone of India’s economic growth strategy.
The primary objective of this MOU is to expedite local production of PV modules, emphasizing PV module quality, extensive research and development, and knowledge sharing within India’s burgeoning PV module manufacturing sector.
LUXRA Group has already made substantial strides in PV module manufacturing, recently launching its manufacturing plant in the Indian state of Maharashtra, near the Solapur region. This achievement marked a significant milestone as LUXRA became the first European company to establish a solar module manufacturing plant in India. With this new joint venture, LUXRA aims to bolster its position in the industry.
One of the key advantages of this collaboration is that it offers unparalleled access to various markets, including India, the Middle East, Africa, and Europe. LUXRA’s vast expertise in module manufacturing will complement Rayzon Solar’s operational proficiency, enabling the joint venture to make significant headway in the solar technology market.
Dr. Unmesh Jagtap, CEO of LUXRA India, expressed his enthusiasm, saying, “This is an opportunity for us to take the lead in the solar technology market at the right time. The joint contribution of our technology and Rayzon’s operational expertise to the said joint venture will strongly allow us to position both companies in the industry much faster way.” He highlighted the strategic advantage this partnership would provide to both entities as long-term partners.
Mr. Shashi Kiran, COO of LUXRA India, who was present during the signing ceremony, echoed the sentiment, emphasizing the strategic benefits that this partnership would bring to both organizations as they jointly navigate the solar industry landscape.
Mr. Chirag Nakhrani, Founder of Rayzon Solar, emphasized the significance of this alliance, stating, “In taking this step, we have created the opportunity for a long-term partnership with Luxra Group. This strategic alliance will also help us further grow Rayzon into a leading supplier within the said photovoltaic solar market.”
With LUXRA’s rich track record in solar, renowned German-branded modules, and its five years of successful operations in the Indian market, coupled with Rayzon’s manufacturing capacity and expertise, this partnership is poised to unlock new levels of success. The strategic alliance aims to reach a capacity of 3.5 GW+ by 2025, solidifying their presence as key players in India’s burgeoning solar industry.
