Yash Birla Group subsidiary Birla Surya will invest INR54bn ($1.201bn) over the next five years to develop an integrated solar manufacturing unit in Maharashtra, India.
The company intends to build a 60MW fabrication unit to produce multi-crystalline silicon wafers and a 125MW plant to manufacture solar photovoltaic cells.
Birla Surya will invest about INR14.93bn ($332.19m) during the first phase of construction.
The company raised INR9.755bn ($217.05m) through a loan and INR680m ($15.13m) through the sale of its 15% stake in Birla Surya to Hong Kong-based Asia Pacific Capital.
The new manufacturing unit is expected to start production by December 2011, reports the Economic Times.