Welspun to invest Rs. 15,000-cr in renewable energy space over next 3 years.

Welspun Group, one of the largest domestic solar power producers, is betting big on the sector and has plans to invest Rs.15,000 crore to take its capacity to 1.75 GW over the next three years.

The city-based diversified company, which is also the world’s second largest home linen maker and a one of the top heavy industrial pipes producers, is into the pipes, plates & coils, steel, infrastructure and energy and had grossed up over Rs.18,000 crore in revenues last fiscal.

It has two subsidiaries in the energy space - Welspun Renewables Energy and Welspun Energy one for the solar and the wind respectively. The private equity of the Asian Development Bank had recently picked around 11 percent in the latter for $50 million.

'We are planning to invest up to Rs.15,000 crore over the next three years in the renewable energy space to take our total generation to 1.75 GW. While we already have a commissioned capacity of 328 MW, mostly in the solar space, we have close to 725 MW under development,' Welspun Group chairman B K Goenka told PTI.

He said the company has already invested over Rs. 3,000 crore into the power sector so far.

HBL