VIKRAM SOLAR LIMITED

Vikram Solar Limited was originally incorporated as 'International Leather Clothiers Private Limited' at Kolkata, West Bengal on December 2, 2005. Further, Company name changed to International Clothiers Private Limited' dated May 10, 2006. The name further changed from International Clothiers Private Limited' to Vikram Solar Private Limited' pursuant to which a fresh Certificate of Incorporation was issued by RoC dated September 3, 2008. Subsequently, Company converted to Public Company and consequently, its name was changed to Vikram Solar Limited' and a fresh Certificate of Incorporation dated August 22, 2017 pursuant to conversion was issued by RoC. The Company is one of India's largest module manufacturers, in terms of operational capacity, producing Solar Photo-Voltaic (PV) Modules and an integrated solar energy solutions provider offering Engineering, Procurement and Construction (EPC) services, and Operations and Maintenance (O&M) services. It is engaged in manufacturing and sale of Solar photovoltaic modules / systems. Their manufacturing plants are located at Falta Special Economic Zone (SEZ), in West Bengal. The products and services cater to multiple business divisions, such as domestic solar PV module sales; EPC and O&M services which serve as value added services to business in manufacturing solar PV modules; and exports. The Solar PV systems are currently manufactured using both polycrystalline and monocrystalline cell technology. The portfolio in solar energy products consists of solar modules like: (i) polycrystalline modules; and (ii) monocrystalline passivated emitter and rear cell (Mono PERC) modules, which includes bifacial (glass-to-glass and glass-to-back sheet modules). These products are differentiated on the basis of solar technology and type as well as cell size. In particular, PV modules have wattages between 330Wp and 660Wp, a prototype which is a measure of the amount of sunlight (irradiation) that falls on the surface of a solar panel and converted into electricity ranging between 17.01% and 21.47%. In 2009, the Company started their manufacturing operations with an annual rated production capacity of 12 MW. It supplied, installed and commissioned their first Phase of 500 KW Solar Power Plant at Kottenheim, Germany. The 3 MW grid connected solar power plant was installed under the National Solar Mission of India during the year 2011-12. In 2014, it commissioned a floating solar PV plant of 10kW in India. Its production capacity reached 500 MW in 2015. The Company transferred its entire shareholding of Vikram Power Ventures Private limited to Vikram Capital Management Limited (post-merger known as Vikram Capital Management Private Limited) and Shri. Hari Krishna Chaudhary (as a nominee of Vikram Capital Management Private Limited). In 2017, the production capacity reached to 1,000 MW. In 2019, the Company commissioned 200 MW solar plant in Andhra Pradesh for a State Power Generation Company. It installed Eastern India's largest single shed solar rooftop project, with capacity of 2.15 MW. In 2020, the entire shareholding of VSL Ventures Private Limited was transferred to Vikram Capital Management Private Limited and Shri. Gyanesh Chaudhary (as a nominee of Vikram Capital Management Private Limited) by the Company. In 2021, the Company transferred its entire shareholding of Vikram Solar RE Power Private limited to VSL Ventures Private Limited and entire shareholding of Viki.ai Private limited to VSL Ventures Private Limited and nominee of the Company, Smt. Urmila Chaudhary. The cumulative annual rated production capacity reached 2500 MW, which is not as yet available commercially across their factories located at Falta SEZ, Kolkata, West Bengal and at Oragadam in Tamil Nadu. Both of these factories are located strategically with access to ports, rail and roads helping facilitate both domestic as well as international operations. The Company commenced upgrading of its existing manufacturing plant in Falta from its present capacity of 1.2 GW to 3 GW in FY2023. In addition, it installed solar power plants for six airports in India, including the Cochin International Airport Limited, which is the world's first fully solarized airport. It set up a geographically diversified network of 42 distributors. The Company reached 3500 MW cumulative annual rated production capacity in FY 2023. It launched PV module with n-type monocrystalline cell and heterojunction (HJT) in 2024. The Company has further reached the cumulative annual production capacity to 4500 MW in FY25. The Company raised money by issuing 62,631,604 equity shares of face value of Rs 10 each raising funds aggregating to Rs 2079.37 Crore, comprising a fresh issue of 45,180,722 equity shares aggregating to Rs 1500 Crore and offer for sale of 17,450,882 equity shares aggregating to Rs 579.37 Cr in August, 2025.