ValueQuest SCALE Fund Invests Rs.500 Crore in Jupiter International
ValueQuest SCALE Fund and its affiliates have invested Rs.500 crore in Jupiter International, one of the top producers of photovoltaic solar cells and suppliers of solar power solutions, the company announced.
Jupiter International, based in Kolkata, said in a statement that this was the second investment made by alternative investment vehicle ValueQuest in the company, demonstrating its faith in its ability to grow and expand in the solar energy industry.
In July of last year, the ValueQuest SCALE PE fund led the Rs.300 crore investment that the company had secured.
The company intends to expand the overall capacity to 5.6 GW solar cells and 2.4 GW solar modules from its current 1 GW facility in Baddi, Himachal Pradesh.
The company's continued capital expenditure budget is intended to be supported by the current investment round and internal accruals.
According to the company, it plans to expand its capabilities and establish itself as a key participant in the value chain of solar manufacturing.
This calculated action supports India's clean energy transition strategy, improves forward integration, lessens reliance on imports, and generates jobs.
“With a fully integrated approach, we are poised to enhance technology, expand market share, and meet the growing demand of renewable energy solutions,” said Jupiter International Limited Managing Director Alok Garodia.
Ravi Dharamshi, Founder and CIO, ValueQuest, said that Jupiter’s integrated approach made it a key player in India’s energy transition.
As Jupiter's sole financial advisor for this deal, Aum Capital made it possible for ValueQuest SCALE Fund and its affiliates to invest.
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Jupiter International has grown to be a major force in the nation's solar industry since its founding in 2008. The company said in January of this year that it would invest approximately Rs.6500 crore over the following three years in order to become a leader in fully integrated solar manufacturing.