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| Exchange Disseminated Time | Goldstone Infratech Ltd has informed BSE that the Company is entering into a major Joint
Venture with Dr. June Min, the founder of TF SolarPower Pvt Ltd and Jusung Engineering Ltd., an equipment supplier in Korea to set up solar panel fab in the FAB CITY, Hyderabad.
In this connection, the Company proposed Press Release dated April 28, 2008 titled "Goldstone Infratech announced a JV with TF SolarPower and Jusung Engineering for solar fab; JV to set up Rs 2,800 cr solar panel fab in Fab city".
Press Release :
"Goldstone Infratech Ltd announced the major joint venture with Dr. June Min., the founder of TF SolarPower Pvt Ltd and Jusung Engineering Ltd an equipment supplier in Korea to set up solar panel fab in the fab city, Hyderabad.
Goldstone Infratech, a market leader in polymer insulators, will hold a 54 per cent stake in the venture, and Dr. Min and Jusung Engineering will hold 46 per cent. Dr. June Min is a pioneer in the setting up of foundry semiconductor fabs for fabless companies in USA, China and Korea, and Jusung Engineering has been a leader of supplying process equipment for semiconductor, LCD and now solar panel.
TF SolarPower and its partners will be setting up a production unit to manufacture thin-film photovoltaic panels. The initial fab capacity will be 52MWp with an investment of Rs 600 crores for the first fab of the project. The plant will have a capacity to produce 350MWp in phase I and the total project cost is estimated at Rs 2,800 crores within 4 to 5 years.
The solar fab will be deploying Jusung's patented 3D cell design and manufacturing technology, which gives 8.5 per cent efficiency - the highest in thin film photovoltaic panels in worldwide.
The construction of the first solar fab has already begun by Sungdo ENG, a clean room contractor from Korea and the joint venture is expected to complete the first fab unit by end of 2008 and to deliver panel products within 12 months from this announcement.
"We are very excited to be partnering with Dr. June Min and Jusung Engineering, to set up a world-class thin-film photovoltaic panels unit in Fab City, Hyderabad The photovoltaic panel market is expected to grow substantially going forward because of the government's initiatives to promote non-conventional and renewable energy production, and also because of increasing awareness among industry of the need to implement 'green' technologies," said N K Rawal, CEO of Goldstone group." |
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