Excel Realty N Infra Enters Renewable Energy Segment Through Joint Venture

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NNA |
Updated:
October 17, 2022 11:59 STI

New Delhi [India], Oct 17 (ANI/PNN): Mumbai-based Excel Realty N Infra Ltd, listed on the ESB and NSE, engaged in the real estate and IT sector, plans to diversify into the solar energy segment. The Company is forward-looking and wants to explore business opportunities in the field of renewable energy by entering the Solar segment. The company plans to create a joint venture (JV) with Seven Greens Solar Systems Pvt. ltd. The company expects to double its revenue and gross profit after entering into the joint venture. Considering the future demand for renewable energy and the initiatives taken by the central government to boost this sector, the company would benefit considerably.
Earlier, the company announced the issuance of bonus shares at a ratio of 1:2 (one new share for every two existing shares held) and the stock split from Rs 10 to Rs 1.
The Indian renewable energy sector is the fourth most attractive renewable energy market in the world. With increased government support and improving economy, the sector has become attractive from an investor perspective.
As India seeks to meet its energy demand on its own, which is expected to reach 15,820 TWh by 2040, renewable energies are set to play an important role. The government plans to establish 523 GW of renewable energy capacity (including 73 GW of hydropower) by 2030. The country is targeting around 450 gigawatts (GW) of installed renewable energy capacity by 2030 – approximately 280 GW (over 60%) is expected from solar.

The Indian government has also taken various measures to boost the renewable energy sector in India, such as
In the Union Budget 2022-23, the allocation for the Solar Energy Corporation of India (SECI), which is currently responsible for the development of the entire renewable energy sector, stood at Rs. 1,000 crore ($132 million).
In the budget, the government has allocated Rs. 19,500 crore (USD 2.57 billion) for a PLI program aimed at boosting the manufacturing of high-efficiency solar modules.
Also encouraging rooftop solar is boosted by the Ministry of New and Renewable Energy and it plans to undertake phase II of the rooftop solar program which aims to install 4,000MW RTS capacity in the residential sector by the end of 2022 with subsidy benefits that would create huge demand.
This story was provided by PNN. ANI shall in no way be responsible for the content of this article. (ANI/PNN)

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