We Want To Create An Ecosystem To Enable 'Make In India' In The Solar Industry

Micromax Energy Ltd is a part of the 15-year-old Micromax Group with a focus on solar energy in India and the aim to become a leader in this segment. Sudehna Das, senior executive editor, EFY Group spoke to Mukesh Gupta, founder and managing director, Micromax Energy Ltd, to understand the vision of the company, which is to improve the domestic value chain while offering customised and economical solutions in the solar PV segment, and to establish the brand Microlyte in the market.

A focus on solar power

Over the last three years, the costs of solar energy generation have come down drastically, while electricity generation costs are consistently increasing, not to forget the environmental hazards that are associated with the latter. The opportunities in the solar sector are vast and the overall benefits are unparalleled; so we took a step forward. We also found gaps on the technical front. The products currently available are sourced from global companies that operate in developed countries where the grid conditions are very stable. Consequently, the products are designed keeping in mind such superior field conditions. But, in India, the grid conditions are not stable, and hence the products could not deliver power as desired. Being an electronics company, we have devoted our experience to filling these gaps. Under the brand name Microlyte, the company produces solar modules, and develops modern and highly efficient solar string inverters.

Leveraging government policies

The deciding factors for investing in the solar industry were the business opportunities as well as the taxation process for the industry. Many of the available subsidies are essential for our multisector investments. Solar power is an area where the government has given a lot of thrust—investors have been given the opportunity to enjoy up to 100 per cent subsidies in this sector. We plan to use these for the benefit of the business as well as the industry.