JUNE 20249TOP STORIESADANI GROUP TO EXPAND SOLAR BUSINESS IN KERALATATA MOTORS & BAJAJ FINANCE TO OFFER FINANCING OPTIONS FOR EV DEALERSAdani Solar announced its expansion into Kerala's burgeoning solar energy market on Friday. As part of this strategic move, the company, which operates as the solar PV manufacturing arm of the Adani Group, signed a Memorandum of Understanding (MoU) with Kochi-based Almiya Group, a well-regarded solar distributor. This partnership aims to enhance Adani Solar's market presence in the state.In line with its expansion plans, Adani Solar plans to install a 225 MW solar power plant in Purapura within a year. Additionally, the company has established a warehouse in Coimbatore to ensure quicker delivery of solar panels to both Kerala and Tamil Nadu.Cecil Augustine, the National Sales Head of Adani Solar, emphasized Kerala's significant potential in the solar energy sector during a press conference. He highlighted that in 2023 alone, Adani Solar successfully installed solar panels for 70 MW in Kerala. Augustine outlined the group's ambitious plans for the state, underscoring the superior quality and higher production capacity of their entirely India-made solar panels compared to other products available in the Asian market.The MoU with Almiya Group is expected to facilitate deeper market penetration for Adani Solar in Kerala. Almiya has a longstanding relationship with Adani Solar and was instrumental in the implementation of a 45 MW plant in Tamil Nadu. Augustine also noted that Adani Solar holds a 50 percent market share in the residential solar panel market in India, demonstrating the company's dominant position and commitment to expanding its footprint in the renewable energy sector. Tata Motors announced on Monday that its passenger vehicles and passenger electric mobility subsidiaries have partnered with Bajaj Finance to offer supply chain finance solutions to their respective dealers. Tata Motors Passenger Vehicles (TMPV) and Tata Passenger Electric Mobility (TPEM) have entered into a Memorandum of Understanding (MoU) with Bajaj Finance to facilitate dealer access to funding with minimal collateral.This collaboration aims to leverage Bajaj Finance's extensive reach to provide enhanced financial support to TMPV and TPEM dealers. Dhiman Gupta, CFO of TPEM and Director of TMPV emphasized that the partnership will strengthen dealer access to increased working capital."Through this financing program, we will arm TMPV and TPEM's authorized passenger and electric vehicle dealers with financial capital, which will enable them to seize the opportunities offered by a growing passenger vehicles market," stated Anup Saha, Deputy Managing Director of Bajaj Finance. He added that the partnership would not only benefit dealers but also contribute to the growth of the automotive industry in India.
< Page 8 | Page 10 >