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Avaada Group is preparing for a ₹4,000–5,000 crore IPO for its solar module manufacturing unit.
The deets: Avaada Group is a clean energy company that develops solar, wind, green hydrogen, and sustainable fuel projects across India and global markets. The group was founded by Vineet Mittal, former co-founder of Welspun Energy.
The group has reached out to multiple investment banks and law firms to pitch for the IPO mandate. The listing will be Avaada’s first step toward public fundraising.
The why: the IPO proceeds will help fuel Avaada’s capital-intensive growth. The company is planning a 5 GW integrated solar module and cell plant in Uttar Pradesh, and the fresh capital will support this major capex push.
Zoom out: Avaada’s clean energy play spans solar, wind, green hydrogen, and green ammonia.
It recently inaugurated a 1.5 GW solar module factory in Dadri, Uttar Pradesh, and is currently building a 5 GW integrated solar module and cell manufacturing plant in Greater Noida.
The company is investing over ₹65,000 crore in large-scale hydro storage and renewable projects across Maharashtra and Madhya Pradesh.
