Avaada Group's Bold Renewable Expansion Plan

Avaada Group plans to invest Rs 1 lakh crore over five years to expand power generation, particularly solar and wind. It aims to hire 10,000 additional employees and increase its solar power capacity from 6.1 GWp to 30 GWp. An IPO for its solar photovoltaic manufacturing arm is expected soon.

The Avaada Group is setting ambitious goals with a Rs 1 lakh crore investment plan spanning the next five years, as it seeks to broaden its footprint in power generation and related sectors.

Vineet Mittal, the group's chairman, announced plans to significantly increase the workforce by 10,000 over the next three years, expanding from the current 6,000 employees.

Currently, the Avaada Group has commissioned 6.1 GWp of solar power and aims to scale this up to 30 GWp. The company also plans to diversify into wind power, with the expectation that a fifth of its generation capacity will be from wind within five years. The strategy includes battery storage and possibly pumped hydro assets, as the group strategically positions itself for rapid growth in the renewable energy sector. Meanwhile, it prepares for the IPO of its solar PV manufacturing division, Avaada Electro, potentially launching next year.

(With inputs from agencies.)