The move is part of a grander strategy to leverage the parent company’s proficiency in established business segments and progressively roll them out in India
February 05, 2020. By News Bureau
Fuji Electric India has announced that is contemplating a venture into the solar inverters and batteries business in India. The move is part of a grander strategy to leverage the parent company’s proficiency in established business segments and progressively roll them out in India.
“We are going to launch our own solar inverter business here soon. The proposal, still under initial stages of discussion, includes setting up a facility for manufacturing and assembly of different components into Megawatt-scale solar inverters,” Sriram Ramakrishnan, Managing Director of Chennai-based Fuji Electric India expressed.
The company is presently focusing on expanding its three existing product segments – Un-interrupted Power Supply (UPS) systems, Variable Frequency Drives (VFD) that boost energy efficiency and automation products. This expansion is part of a Fuji Electric (FE) 2.0 strategy unveiled in November last year.
The overall size of the solar inverter market in India currently stands at around Rs 1,750 crore annually and is estimated to grow considerably on the back of a rapid growth in solar power generation capacity over the new few years. The country is targeting to ramp up installed base of solar power generation capacity to 100,000 Mw by December 2022.
“The FE 2.0 strategy will help propel our India revenue from the existing Rs 660 crore annually to 1,500 crores by 2024. We are looking at entering into emerging applications coming up in the areas of energy storage, electric vehicle charging, inverters for megawatt scale solar power plants with cutting edge products, technology and services with a focus on energy efficiency,” Ramakrishnan held.
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