₹350 Crore Investment Planned
The proposed Ratlam facility is expected to involve an investment of approximately ₹350 crore, which will be funded through a combination of debt and internal accruals. Commercial operations are currently expected to begin in Q1 of FY2028.
The project will manufacture TOPCon solar cells, a technology increasingly being adopted for higher-efficiency solar modules. The expansion is part of Fujiyama’s plans to strengthen backward integration and improve control over its solar manufacturing supply chain.
Strengthening India’s Solar Manufacturing Chain
Fujiyama already operates a 1 GW Mono PERC solar cell manufacturing facility at Dadri, Uttar Pradesh, which was commissioned in January 2026. The company has said the Dadri facility’s output is intended for captive consumption, helping strengthen supply-chain security and reduce dependence on imported solar cells.
With the additional 1.2 GW TOPCon facility at Ratlam, Fujiyama is looking to increase its in-house cell manufacturing capabilities and build a more integrated solar production ecosystem.
Focus on Domestic Solar Demand
The expansion also comes as India’s solar sector continues to increase its focus on domestic manufacturing and Domestic Content Requirement (DCR)-compliant products.
According to the company, the Ratlam facility is expected to support the availability of domestically manufactured solar cells, improve cost control and strengthen its position in the on-grid rooftop solar market.
A Bigger Role for Ratlam
The 1.2 GW cell plant is part of a wider manufacturing expansion at Fujiyama’s Ratlam operations. The company has been developing additional solar manufacturing capabilities there, with the broader facility intended to bring different parts of the solar and energy-storage value chain closer together.
What This Means
The planned investment highlights a broader shift toward integrated solar manufacturing in India. By producing more components domestically, companies can seek greater control over supply, technology and production costs while responding to growing demand for locally manufactured solar solutions.
For Fujiyama Power Systems, the proposed 1.2 GW TOPCon solar cell facility at Ratlam represents another step toward expanding its manufacturing capabilities and strengthening its presence in India’s rapidly developing renewable-energy market.
