According to reports, Borg Energy India Private Limited, a subsidiary of US-based Borg Inc, is looking towards establishment of an assembly unit in the country.
Borg Asia Pacific chairman and managing director, Boaz Augustin Jr, told Business Standard that the company was looking for a suitable location to set up the unit.
Borg, a provider of solar energy solutions, had already announced its plans to invest $45 million in the Indian market for rural electrification, and engineering, procurement and construction (EPC) projects within the next six months. It is also planning to set up a research and development facility towards nano technology in solar panels.
Augustin said the company would be investing $ 25 million in rural electrification projects using solar power and $20 million in EPC projects in Uttar Pradesh, Tamil Nadu, Rajasthan, Bihar and Andhra Pradesh.
“We have ambitious plans to install Borg power plants in 2.5 million households in various states of India over the next three years. We are currently developing an appropriate retail network of 220 Borg power play showrooms in India,” he said.
According to Augustin, Borg product line is customised for Indian power conditions and will be distributed through both distributor network and franchisee models.
So far, he said, Borg had made 10,000 installations in the country and was expecting a turnover of Rs 300-350 crore in the current financial year. The company, which has offices in Chennai and Bangalore, would be shortly opening an office in Delhi.