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February 7, 2013Su-kam to acquire a solar panel company
The Indian solar panel manufacturers are a sorry lot as global overcapacity in solar modules has meant that they are operating at 10-20% utilization. Despite their repeated pleas, the Indian government has not imposed anti-dumping duties on imports of foreign solar panels. This has meant that global solar giants such as First Solar, Trina Solar etc. have captured almost 80-90% of the solar market due to their lower prices and favorable financing from their home banks. The solar panel manufacturers have turned to solar installation and EPC business to survive. Moser Baer which had put up a huge capacity is now a major solar installer having shut down most of its solar manufacturing capacity.
However, Indian solar inverter makers like Su-kam have not been hurt too much due to solar overcapacity. They have benefited from their strong existing network and have become major players in the domestic market. Now with the residential and commercial solar market expanding, Su-Kam wants to become an integrated solar equipment seller. The company which was recently accredited by the Kerala government as a solar installer for 10,000 solar rooftop program, is looking to acquire an Indian solar panel maker. Given their distressed state, it won’t be too expensive for Su-Kam to become a one stop shop for a complete solar solution.
Also Read on GWI List of Major Solar Inverter Manufacturers.
“This fiscal we are expecting Rs 100 crore sales from our solar businesses. In 2013-14, our target is to have a revenue of Rs 300 crore,” Sachdev said, adding that the company is aiming to earn Rs 1,000 crore annually from the solar division in the next five years.”We are looking to acquire a panel manufacturing company. We are in the final stages of negotiations with one domestic firm, which has production capabilities,” Su-Kam Power Systems Managing Director and CEO Kunwer Sachdev told PTI. When asked about the possible size of the acquisition, Sachdev said: “We are yet to finalise it, but it will be less than Rs 100 crore.”