UTL Solar, a leading Indian solar solutions provider, has announced plans to establish a new manufacturing unit in Ratlam, Madhya Pradesh, with a projected investment of Rs 500 crore over the next four years. The facility, spanning 100 acres along the Delhi-Mumbai Expressway, will produce 5 GW of solar panels, inverters, and batteries, significantly boosting the company’s production capacity.
UTL Solar already operates four plants across Himachal Pradesh, Haryana, Delhi, and Uttar Pradesh and is aiming for a revenue target of Rs 1,400 crore this fiscal year. “We currently have a production capacity of 1 GW each for solar batteries and inverters, and we are on track to reach 1 GW in solar panel production soon. The Ratlam facility will add 1-1.5 GW of capacity annually, positioning UTL for expansion in both the North and South Indian markets,” said Yogesh Dua, Joint Managing Director of UTL Solar.
The Ratlam plant will be funded through internal accruals, with additional support from banks. UTL Solar, which exports to 10 countries across South Asia and Africa, plans to further explore global markets once domestic demand is met.
UTL Solar’s existing facilities include a 2-acre site with a dedicated solar panel manufacturing floor in Greater Noida, and a 5-acre plant in Bawal, Delhi, producing lead-acid batteries and solar panels. Additionally, UTL has rented a 100,000 sq. ft. space in Uttar Pradesh to add 500 MW of solar panel capacity in the coming months, aiming for a total capacity of 1 GW.
India’s growing solar market offers significant opportunities, particularly in rooftop solar installations. “We are focusing on retail growth, as solar power is becoming increasingly popular among Indian households,” added Dua. He also highlighted the government’s PM Muft Surya GharBijliYojana as a major driver for demand, providing subsidies for on-grid solar systems in urban areas.
While the government’s subsidies currently focus on on-grid solar systems, Dua emphasized the need for a hybrid model to extend these benefits to off-grid installations in rural areas that frequently experience power cuts.
UTL Solar is on a strong growth trajectory, with FY24 revenues reaching Rs 934 crore and a target of Rs 1,400 crore for the current fiscal year. The company has already surpassed Rs 700 crore in sales for FY25 and expects continued momentum.
UTL Solar’s extensive network of 3,000 dealers has been crucial in reaching consumers nationwide. The company also plans to introduce innovative, eco-friendly solar solutions, integrating inverters and batteries to offer cost-effective options for households across India.
UTL Solar, operating under Fujiyama Power Systems Private Limited, has over 28 years of experience in manufacturing solar inverters, batteries, PCUs, and panels, helping both homes and businesses reduce electricity costs and address frequent power outages.
