Carborundum Universal (CUMI), which makes abrasives, ceramics and super refractories, is looking at joint ventures to enter renewable energy materials manufacturing.
“We are looking at setting up a couple of joint ventures in the renewable energy space. Talks with some foreign companies for partnership are on,” K Srinivasan, managing director, CUMI, told Business Standard.
The Murugappa Group company already has a 25-acre renewable energy special economic zone in Kochi, Kerala, and is seeking approval from stakeholders to set up a couple of joint ventures inside this area, he added.
It is looking at the supplying material parts for renewable energy generators, including silicon wafers and materials for processing silicon wafers. At present, the company supplies micro silicon carbide powder used in silicon wafers for global customers.
"We would try and stay around the solar energy industry and also look at manufacturing inputs for other sources in the segment. All the projects would be of mid-size," said Srinivasan. However, he refused to divulge more on the project since the proposal is subject to various approvals including the stakeholders' nod.
The company has said in a filing to the BSE that it proposed to amend the objects clause to include operation in silicon and non silicon-based solar power, mono and multi crystalline and thin film panels, photovoltaic wafers, cells, modules, systems, installations among others for industrial, domestic, agricultural, defence and other applications.
In 2010, India announced the Jawaharlal Nehru Solar Mission to accelerate the solar energy potential in the country and increase its capacity from almost zero to 20 GW by 2022. This has triggered several announcements and investment proposals by companies along with technology partners from all over the world to set up manufacturing capacities in every part of the value chain, he said.
With its experience in manufacturing refractory products, the company is also looking at entering business like manufacturing kilns, ovens and heating equipment industry, subject to stakeholders' approval.