Solarworld forms 50:50 JV for 2.4 GW solar cell plant, redirects IPO funds

Marquee Jv AnnouncedListed Co AcquisitionStrategic Transactions View source PDF Explain this filing

SOLARWORLD · price

Loading chart…

▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Price reaction · full curve 14 horizons · vs prior close

-1.5%1-day move

₹148.11

prior close

₹152.88

base price

After-mkt

timing

5m10m15m30m1D2D3D4D5D7D15D1M2M3M

-2.1-2.5-2.3-2.5-1.5-4.7-4.2-10.5-8.9-9.1-13.0-15.0——

Up moveDown movePending

AI summary

Solarworld board approved a 50:50 joint venture with Rays Power Infra by investing in Rays Green Energy. The JV will set up a 2.4 GW solar PV cell facility in Narmadapuram, Madhya Pradesh, at about Rs 1,000 crore cost. Solarworld will put in up to Rs 100 crore equity (initial Rs 26.82 crore at Rs 21,287 per share) and lend up to Rs 320 crore. The company is also redirecting Rs 420 crore of unutilized IPO proceeds from subsidiary KSPL's 1.2 GW Pandhurana Project to this new JV, subject to shareholder approval.

Likely market impact

Strategic expansion into solar cell manufacturing via JV, doubles planned capacity to 2.4 GW; IPO fund redirection needs shareholder nod.