Carborundum Universal Limited (CUMI), a part of the Chennai-based industrial conglomerate Murugappa Group, manufacturing abrasives, ceramics and super refractories, is looking for joint ventures to foray into renewable energy materials manufacturing.
“We are looking at setting up a couple of joint ventures in renewable energy space. Talks with some foreign companies for partnership are on the way,” K Srinivasan, managing director, CUMI told Business Standard.
The company already has a 25-acre central government approved renewable energy SEZ (special economic zone) in Kochi, Kerala, and is presently seeking approvals from stakeholders to set up a couple of joint ventures inside this area, he added.
It is looking to supply material parts for renewable energy generators including silicon wafers and materials for processing silicon wafers, eyeing the growth potential of renewable energy industry in the country. 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 looking 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.
It has sought the approval of stakeholders through postal ballot to amend objects clause of its memorandum of association under the Companies Act 1956, to insert new sub-clauses to enter into renewable energy business.
In an announcement on the BSE, 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, concentrator type solar cells, modules and systems, diesel particulate filters, water conservation products, among others for industrial, domestic, agricultural, defense and any other applications.
Given the company’s strength in material science, it is well positioned to supply products addressing these industry segments and therefore these activities can be conveniently and advantageously combined with the existing business of the company, it added.
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 the year 2022.
It has triggered several announcements and investment proposals by companies in India along with technology partners from all over the world to set up manufacturing capacities in every part of the value chain. Further, it is also looking at entering into business like manufacturing kilns, ovens and heating equipment industry, with its experience in manufacturing refractory products, subject to stakeholders’ approval.
