The Union Power Ministry said on Tuesday that 11 companies including the green power arms of Reliance Industries, Tata Power company and JSW Energy are among the winners for setting up of solar photovoltaic (PV) module manufacturing capacities under Tranche II of the government’s production-linked incentive (PLI) scheme. 

The Solar Energy Corporation of India (SECI) announced the winners on Tuesday, March 28. These winners would receive a total of ₹ 13,937.575 crores for setting up 39,600 megawatts (MW) of domestic Solar PV modules under the second tranche of the PLI Scheme. 

The highest amount of ₹ 3,300 crores has gone to Indosol Solar, a special-purpose vehicle of Shirdi Sai. It was also one of the winners of the first tranche of Solar PLI. Second, on the list was Reliance Industries with ₹ 3098.04 crores. 


US-based solar-panel maker First Solar, along with Reliance and Indosol will construct end-to-end polysilicon-wafer-cells-modules (PWCM). No company in India manufactures polysilicon, which is a raw material in solar equipment manufacturing. 

A few other companies that won were Waaree Energies, Avaada Ventures, ReNew Power, JSW Energy, and Grew Energy, in the wafer-cells-modules (WCM) category. Meanwhile Kolkata-based Vikram Solar, Amplus Solar, and Tata Power Solar (₹ 383 crores) won in the cells-modules (CM) category. 

The Union Cabinet approved the second tranche of the PLI Scheme for the development of solar PV modules on September 21, with an outlay of ₹ 19,500 crores. It aims to support the setting up of 65GW per annum manufacturing capacity of fully and partially integrated solar PV modules. 

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Reliance Industries 

JM Financial has a target of ₹ 2900.00 on the shares of Reliance Industries, which translates to an upside of 29.81% as compared to its share price of ₹ 2,234.00. 

Tata Power 

JM Financial has a hold call on the shares of Tata Power with a target price of ₹ 220.00. This translates to an upside of 18.73% as compared to its share price of ₹ 185.30. 

Written by Simran Bafna


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