New Delhi: Auto component-maker JBM Group on announced its entry into the solar energy sector with plans to invest Rs 1,600 crore in the next three years.
The group plans to invest Rs 1,600 crore over three years and has a combined capacity of 300 MW under the newly formed entity - JBM Solar (P) Ltd, the company said in a statement.
JBM Solar plans to be an independent power producer (IPP) with focus on both, ground mounted and solar rooftop projects, it added.
"With the Indian national solar target increasing from 20GW to 100GW by 2022 and our government's ongoing focus towards building smart cities, we feel this is the right time to enter into the solar power sector," JBM Group executive director Nishant Arya said.
Going forward, the solar power vertical will contribute around 15 per cent of the total revenue at the group level, he added.
"We also plan to expand this business to wind energy and biomass in the next phase," Mr Arya said.
The company also plans to hire up to 100 people in the solar vertical.
JBM Solar has already commissioned a rooftop solar installation at India Habitat Center generating 250KW. The company recently also bagged an order from the Haryana government for a capacity of 20MW.
"This will be largest ground solar power plant in the state of Haryana till date. JBM Solar is currently in discussion with various state discoms (distribution companies) for setting up more solar projects," the company said.
Shares in JBM Auto, on Thursday, ended at Rs 238.10 apiece on the BSE, up 0.17 per cent from the previous close.