New Delhi, Sept. 8 -- GREW Solar, the solar photovoltaic (PV) module arm of Ahmedabad-based Chiripal Group, has raised Rs 300 crore ($34 million) from a group of high-net-worth individuals (HNIs), including stock market investor Vijay Kedia and Rohit Kothari of GeeCee Holdings.
The company did not disclose the identities of other investors or their individual investments.
Set up in 2022, GREW Solar operates a 3 GW PV module manufacturing facility in Dudu, Rajasthan, and is looking to expand this to 11 GW. The company also plans to set up a 3 GW solar PV cell plant in Narmadapuram, Madhya Pradesh, and scale it up to 8 GW by the end of 2026, it said in a release. GREW Solar is part of the five-decade-old Chiripal Group, which has interests across sectors such as textiles, chemicals, packaging, education, and infrastructure.
"I invest in companies that are built on integrity, vision, and execution strength," Kedia said, adding, "GREW Solar has the potential to create long-term value for investors while advancing India's leadership in clean energy."
Speaking about the investment, GeeCee Holdings' Kothari said, "We remain steadfast in supporting GREW Solar's journey as it scales and creates lasting impact."
In February, Vinay Thadani, who previously headed the group's textile arm Vishal Fabrics, was appointed director and CEO of GREW Solar. Suketu Shah succeeded him at Vishal Fabrics.
"We are honoured to welcome Mr Kedia and Mr Kothari on the cap table and thankful for their trust in our journey. These investments validate our strategy and motivate us to build a robust solar ecosystem that powers India's green ambitions. This will fuel our next phase of growth and strengthen our commitment to contribute meaningfully to India's renewable energy goals," Thadani said.
Published by HT Digital Content Services with permission from VC Circle.