Swiss-Germany company LUXRA Group and Rayzon Solar announced that they have signed a memorandum of understanding (MOU) to form a joint venture for solar module production in India. The two partners said their JV will strategically focus on PV module quality, extensive R&D, skills, and knowledge sharing for PV module manufacturing in India. The partnership will also leverage LUXRA’s expertise in module manufacturing.
Luxra Group recently started its PV module manufacturing near the Solapur region in the Indian state of Maharashtra, becoming the first European company to start a solar module manufacturing plant in India. LUXRA will provide the joint venture with access to all the current markets in India, the Middle East, Africa, and Europe.
“Joint contribution of our technology and Rayzon’s operational expertise to the said joint venture will strongly allow us to position both the companies in the industry in a much faster way,” said Unmesh Jagtap, CEO of LUXRA India.
“This strategic alliance will also help us further grow Rayzon into a leading supplier within the said PV solar market,” added Chirag Nakhrani, founder of Rayzon Solar.
LUXRA was a part of Saint Gobain Group and has been present in the solar sector since 2007 with 1 GW+ of shipments globally. It started its Indian operations in 2017 and targets 3.5 GW+ capacity by 2025 with the recently started manufacturing plant in Maharashtra coupled with the capacity of JV with Rayzon.
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