Monday, February 24, 2014: Due to the rise in the ‘fall’ of price of solar power products and the government of India’s unlimited zest to achieve the 2022 target of 20 GW, many foreign investors are heading the Indian way. In a new development, the Borg Energy India Private Limited is a subsidiary of US-based Borg Inc, is reportedly looking towards setting up an assembly unit in India.
Boaz Augustin Jr, the chairman and managing director at Borg Asia Pacific, said that the company is looking for a suitable location to set up the unit. Borg is a provider of solar energy solutions and has recently announced its plans to invest $45 million in the Indian market for the rural electrification, and engineering, procurement and construction (EPC) projects. The company plans to expand its presence through this unit in the coming six months.
The company is planning to establish a research and development facility related to nano technology for the solar panels. Augustin said that Borg will be investing $25 million in rural electrification projects using solar power and $20 million in EPC projects in the states of Uttar Pradesh, Tamil Nadu, Rajasthan, Bihar and Andhra Pradesh, in India, in the same report.
The company is aiming to install the Borg power plants for 2.5 million households in various states of the country, in the next three years. Currently, It is developing a retail network of 220 Borg power-play showrooms in India, Augustin said in the same report. The Borg products are customised for the Indian power conditions and will be distributed through the distributor network and franchisee models.
Borg had made 10,000 installations in the country, so far. The company is expecting a turnover of Rs 3 to 3.5 billion in the current fiscal year. It has registered offices in major cities like Chennai and Bangalore, and will open an office in the national capital of Delhi, soon.
