The company plans to expand into solar cells, wafers, ingots and battery storage while strengthening its international footprint across key global markets.
Vikram Solar is set to invest $1.8-1.9 billion to expand its manufacturing footprint, strengthen its international presence, and enter the battery energy storage market. The investment will support the company’s plans to move beyond solar modules into cells, wafers, ingots, and battery manufacturing.
As part of its global expansion strategy, Vikram Solar is creating a dedicated international business vertical and expanding teams across Australia, Europe, Sri Lanka, and Singapore to boost exports and build strategic partnerships. The company, which has supplied solar products to more than 39 countries and recently crossed 10 GW in cumulative global shipments, is also strengthening its commercial presence in Australia, Germany, Italy, Spain, Sri Lanka, and the US. At the same time, it is exploring local manufacturing and supply-chain partnerships in key overseas markets.
The company plans to add 6 GW of module manufacturing capacity, along with 12 GW each of solar cell and wafer-ingot production. The expansion will be financed through a mix of internal accruals, debt, and proceeds from its planned initial public offering (IPO). Vikram Solar aims to increase its module manufacturing capacity to 15.5 GW and cell capacity to 12 GW by FY27, followed by 12 GW of wafer and ingot production by FY30.
Vikram Solar currently operates manufacturing facilities in West Bengal and Tamil Nadu, while its newly commissioned Gangaikondan plant has begun module production.
The company is also entering the battery energy storage segment, with plans to launch battery energy storage system (BESS) assembly in FY27 and establish a 7.5 GWh battery-cell manufacturing facility by FY29. Its energy storage business, VSL Powerhive, has already secured a 100 MWh order.
Chairman and managing director Gyanesh Chaudhary said shifting global supply chains, driven by China+1 sourcing strategies and stricter traceability requirements, are creating fresh opportunities for Indian manufacturers. He added that domestic demand for locally manufactured solar products is expected to remain strong as India expands its cell, wafer, and ingot production capabilities.
