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JUL 31 2017

CleanMax Solar eyes 40% revenue from overseas business in 3 yrs

  • Economic Times, ET Bureau / Hyderabad
  • Created: Mon 31st JUL 2017


Looking to tap the growing rooftop solar market in the Middle East and South-East Asia, CleanMax Solar is eyeing up to 40 per cent of revenues from overseas business in the next 3 years, a top company official said.

"While we continue to grow in India in the rooftop and open access solar power segment, we are pursuing growth in international markets mainly the Middle East and South-East Asia. We are currently looking at the UAE market and soon we will spread our presence in the other countries," the company's Managing Director Kuldeep Jain told PTI here.

He said the company expects its international business to contribute nearly 35-40 per cent of its revenues in the next three years. The company recently opened its first overseas office in Dubai

Jain further said the recent funding of $ 100 million it received from global private equity player Warburg Pincus would be partly utilised for this international expansion.

"We are already enjoying a 24 per cent share in the domestic market. Our aim is to garner a similar share in the international markets as well," he added. With a portfolio of 90 MW of installed capacity, CleanMax is eyeing to reach 250 MW by the end of this fiscal.

"We are also expecting to touch revenues of up to Rs 800 crore in this financial year. Thereon, we expect to double our revenues year-on-year every year," Jain added


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