Indosolar Ltd

Indosolar Limited was initially incorporated on April 8, 2005 as a private limited company with the name Robin Garments Private Limited. Subsequently, the name of the company was changed from Robin Garments Private Limited to Robin Solar Private Limited on July 2, 2008. The status of the company was changed from private to public company and the name was changed to Indosolar Limited with effect from October 30, 2009. Indosolar is a leading Indian manufacturer of solar photovoltaic cells. The company manufactures poly-crystalline solar photo-voltaic (SPV) cells from silicon wafers utilizing crystalline silicon SPV cell technology for converting sunlight directly into electricity through a process known as the 'photo-voltaic effect'. The company works a manufacturing facility at Greater Noida, Uttar Pradesh. The company markets and sells their products to primarily module manufacturers on a business-to-business (B2B) platform, who in turn supply to the system integrators who install the systems for grid and off-grid (roof top) applications for use in the domestic market as well as markets in Europe, Spain, Japan, Asia, Canada and USA. They sell their products to various customers within the country and also exports to other countries. The company uses a fully automated horizontal in-line, state-of-the-art technology for manufacture of SPV cells which offer high average efficiency levels of up to 16.15%. They have entered into arrangements with Schmid Technology Systems GmbH (Schmid), one of the operators in SPV cell manufacturing technology and a vertically integrated player in the SPV cell industry, for delivery, installation and commissioning of the plant and machinery at their facility, on a turnkey basis. In November 21, 2005, the company executed a lease deed with the GNIDA for grant of 27,158.78 square meter of land. In January 2008, they executed a joint business development agreement with erstwhile Indosolar Ltd. Also, they executed a supply agreement with Schmid for planning, supply, installation and commission of first line of their solar cell project. In January 2008, the company commenced work for setting up of their SPV cell manufacturing facility in Greater Noida. In February 2008, the company changed the object of the company from the business of readymade garments to solar energy cells. In July 2009, the company commenced commercial production of SPV cells with one manufacturing line having an annual manufacturing capacity of 80 MW. In September 2009, as per the scheme of amalgamation, the erstwhile Indosolar Ltd was amalgamated with the company with effect from the appointed date January 1, 2009. . In the year 2010, the company was registered as member of Bharat Oil & Waste Management Ltd for safe, legal and scientific disposal of hazardous waste. In March 2010, the company commenced the commercial production of their second manufacturing line of SPV cells having an annual manufacturing capacity of 80 MW. The Company started the project for manufacturing of Solar Photovoltaic Cells by installing two lines of 80 MW each. The first line already commenced commercial production with effect from 17th July 2009 and second line commenced commercial production effective from 17th March 2010. The projected cost of these lines were estimated to be Rs. 620 Crores, however the actual amount incurred till 17th March 2010 in the project for these two lines costed Rs. 673.27 Crores leading to cost overrun aggregating to Rs. 53.27 Crores. The Company had shut down its production facilities with effect from 15 May, 2018. During the year 2023-24, there were no revenues for the Company as there were no operations and company was under CIRP. Pursuant to initiation of CIRP, appointment of Resolution Professional was made to carry the functions as mentioned under the Code. During the continuation of Corporate Insolvency Resolution Process (CIRP) the powers of the erstwhile Board of Directors of the Company stood suspended effective from the CIRP Commencement date and such powers along with the management of affairs of the Company were vested with the Resolution Professional. Company commenced commercial production of 1.3 GW of module manufacturing at its Noida factory in FY 2024-25.