Solar energy solutions provider Vikram Solar Ltd has entered into a ₹1,250 crore domestic solar cell supply agreement with Avaada Electro Ltd for the procurement of 1 gigawatt (GW) of ALMM-compliant N-Type G12R TOPCon solar cells. According to reports from CNBC TV18 and Business Upturn, under the agreement, Avaada Electro will supply domestically manufactured half-cut N-Type G12R TOPCon solar cells for Vikram Solar's module manufacturing operations. Deliveries are scheduled to begin in September 2026.
The agreement covers high-efficiency crystalline solar cells compliant with the Approved List of Models and Manufacturers (ALMM). As reported by CNBC TV18 and Business Upturn, Vikram Solar said the pact will add to the solar cell supply agreements it has entered into earlier this year and support its strategy to diversify and strengthen its cell supply chain. The agreement also complements the company's backward integration strategy, anchored by its upcoming 9 GW high-efficiency solar cell manufacturing facility, which is scheduled to be commissioned in Q4 FY27. This initiative is aimed at reinforcing the company's position as a leader in PV module manufacturing across 39 countries, with a significant presence in India.
According to the company's regulatory filing reported by CNBC TV18 and Business Upturn, the agreement is aimed at strengthening Vikram Solar's position in India's Domestic Content Requirement (DCR) segment and supporting supply-chain resilience. The company emphasized that there is no shareholding between Vikram Solar and Avaada Electro, and the parties are not related to the promoter, promoter group or group companies. The transaction does not constitute a related-party transaction. Vikram Solar, headquartered in Kolkata, is recognised as one of India's top photovoltaic module manufacturers, earning accolades as a 'Top Performer' in PVEL's PV Module Reliability scorecard for nine years running. With a strong pan-India network of authorised distributors and dealers, the company continues to strengthen its operational foothold both domestically and internationally.
Gyanesh Chaudhary, Chairman and Managing Director of Vikram Solar, stated that "The next phase of India's solar growth will be won or lost on supply chain depth, not just manufacturing scale. This arrangement is another step in that direction- one that widens our supplier base, strengthens our hand on DCR, and gives us the confidence to commit to India's energy security with fewer variables outside our control." As reported by CNBC TV18 and Business Upturn, he emphasized that Atmanirbhar Bharat won't be built by any single partnership, but by companies that keep making these strategic choices year after year. The deal with Avaada Electro Limited, a key player in the solar manufacturing sector, is a testament to Vikram Solar's commitment to quality and innovation in the renewable energy landscape.
According to CNBC TV18, shares of Vikram Solar Ltd ended at ₹163.50, down by ₹3.30, or 1.98%, on the BSE following the announcement. The stock movement reflects investor reaction to the company's strategic supply chain expansion and manufacturing facility timeline. This development comes as part of Vikram Solar's broader strategy to not only secure its domestic market position but also to contribute to India's renewable energy goals through strategic partnerships and supply arrangements.
