This will allow the company to cater on a global scale as also facilitate backward integration in the value chain. The expansion is expected to be completed in about 2-3 years time. Currently, it has two manufacturing units, one in Coimbatore and Salem. The Salem unit manufactures complete range of electrical and mechanical balance of systems. The facility in Coimbatore produces both mono PERC and TOPCon modules with power ratings of 365 Wp to 630 Wp and above for both monofacial and bi-facial applications. It has the capability to produce 2700 modules/day and operates with a manpower which consists of 30 per cent women workforce. “We plan to increase this to 50 per cent and then to 100 per cent only women in one shift,” said R Chellappan, Managing Director. He pointed to the PLI scheme for panels manufacturing and highlighted that the scheme favours only large players. “We are forced to have a minimum capacity of 1 GW along with backward integration in the value chain to be eligible for PLI scheme. This leaves behind several small players who do not have the capital to expand. The scheme can be brought down to 500 MW to be more inclusive,” highlighted Chellappan. He also pointed to the manufacturing of solar panels concentrated in certain pockets and then these were transported by high emission vehicles to points of installation. This itself defeats the goal of sustainability where a green product is associated with Scope 3 emissions. He pointed that with the reduction of threshold in PLI, decentralised manufacturing of panels closer to clients will help realise the net zero targets effectively.
Swelect Energy Systems Ltd (the Group) has posted a turnover of Rs 246 crore and net profit of Rs 51 crore, with a net profit margin of 20 per cent in 2023-24. It has strong presence in different verticals like: solar products distribution, roof top projects, complete turnkey solutions for utility scale large projects and independent power production and energy sales.
