Zetwerk To Invest Rs 500 Crore To Expand Renewable Manufacturing Capabilities

(MENAFN- KNN India) Mumbai, Oct 14 (KNN)
Zetwerk Manufacturing, a fast-growing global manufacturing solutions platform, has announced plans to invest Rs 500 crore over the next two years to strengthen its renewable energy manufacturing capabilities.

Co-founder and COO Srinath Ramakkrushnan confirmed that the investment will be supported through a mix of debt and equity from the company's balance sheet.

This new initiative follows the company's previous investment of Rs 300 crore into renewables in recent years. Zetwerk's latest push signals its ambition to further penetrate high-growth segments such as solar energy and offshore wind markets, especially in the US and Europe.

In parallel, the company is intensifying efforts to tap into India's burgeoning solar sector, targeting both local and global opportunities.

Since its establishment in 2018, Zetwerk has raised over USD 700 million in equity, bolstering its expansion strategy.

The company is currently valued at USD 2.8 billion and has secured a key contract with NTPC to produce ALMM-compliant (Approved List of Models and Manufacturers) solar photovoltaic modules for the 1,200 MW Khavda solar project in Gujarat.

This order, potentially worth Rs 2,500 crore, reflects Zetwerk's growing prominence in the renewable energy ecosystem.

In addition to renewables, Zetwerk is diversifying into electric vehicle (EV) components manufacturing. The company is focusing on domestic production of fast DC chargers and battery packs, catering to the evolving needs of the EV sector in India.

Zetwerk's outlook for its renewables business is optimistic, with expectations of 30 per cent revenue growth in the sector this year.

Its current order book exceeds Rs 12,000 crore, a testament to the company's commitment to innovation and sustainability.

"With this renewed focus, we are well-positioned to meet the rising global demand for clean energy solutions and support India's transition to a green economy," Ramakkrushnan said, underscoring Zetwerk's ambitions to become a key player in the global energy and EV supply chains.

This strategic investment aligns with the company's vision to leverage manufacturing excellence for sustainable growth, cementing Zetwerk's place at the intersection of renewable energy, technology, and industry innovation.

(KNN Bureau)

MENAFN14102024000155011030ID1108777480