Shree Ganesh Jewellery House to expand into solar power sector

Shree Ganesh Jewellery House, a leading Indian jewellery manufacturing company has taken a big leap in diversifying its business interest, and has entered the solar power sector.

Taking this interest further, it has taken over majority stake in Kolkata-based Alex Group of Companies promoted by the Sureka Group. The jewellery conglomerate has bagged a 25 MW solar power project in Gujarat which is being executed by the Alex Group of Companies. The power project was set up with investment worth Rs.4 billion, and has initiated commercial production since April 4.

Shree Ganesh Jewellery house has also signed a memorandum of understanding (MoU) for another 25 MW solar power project in Gujarat Solar Park, and has applied for a 50 MW project which is under consideration of the Gujarat state government.

The company plans to expand its presence in the solar power business in states of Rajasthan, Uttar Pradesh, Jharkand, Orissa, and Bihar. A 1000-acre solar park is also being considered by the company.

The company has outlined an investment of nearly Rs.50 billion to expand into the solar power sector, reports say. Funds are expected through a mix of private equity, and internal accruals.