Haryana-based solar module manufacturer Saatvik Green has invested ₹2.51 billion (~$27.75 million) in a 4 GW solar module manufacturing facility in Odisha.

Saatvik Green subscribed to 8.5 million equity shares of Saatvik Solar Industries, a wholly owned subsidiary of the company, each with a face value of ₹10 (~$0.11) and a premium of ₹286 (~$3.16) per share.

The company has clarified that there is no change in ownership or control, and Saatvik Solar Industries will continue to remain a 100% subsidiary of the company.

The investment was made from the proceeds of its initial public offering (IPO). Saaatvik Green went public in September last year, raising ₹11.5 billion (~$136.26 million).

Saatvik Solar Industries operates in the renewable energy sector, with activities spanning manufacturing, trading, distribution, installation, and operation of solar projects and related products.

The subsidiary is also expanding into advanced areas, including solar modules, solar thermal systems, green hydrogen, wind energy, inverters, batteries, and solar cells.

Saatvik Solar reported a turnover of ₹11.85 billion (~$131.01 million) in the financial year (FY) 2025, compared to ₹35.95 million (~$397,456) in FY 2024.

Saatvik Green had earlier announced that Saatvik Solar Industries received orders worth nearly ₹3 billion (~$33.16 million) to supply solar modules to independent power producers and engineering, procurement, and construction companies.

Recently, Saatvik Green operationalized a 2 GW encapsulation polyolefin elastomer film manufacturing facility at its campus in Ambala, Haryana.

The company’s revenue rose 61.6% year-over-year to ₹7.68 billion (~$84.91 million) in Q2 of FY 2026, from ₹4.75 billion (~$52.52 million).

As of June 2025, India’s cumulative module capacity under ALMM List-I stood at 109.5 GW, and the cumulative cell capacity under ALMM List II stood at nearly 17.9 GW, according to Mercom’s State of Solar PV Manufacturing in India 1H 2025 Report.