The auto components manufacturer and engineering services provider, JBM Group, plans to diversify into the solar energy sector. The group plans to invest Rs 1,600 crore in the next three years to set up 300 MW of solar power plants.
The company plans to be an independent power producer (IPP). It will focus on both, ground-mounted and solar rooftop projects, and make 30 per cent of the investment through internal accruals and the rest through debt.
JBM Group has an order to execute a 20 MW plant in Haryana. It is also in talks with various state distribution companies to set up more solar projects.
The group has businesses in automotive, engineering and design, and education sectors, and has 35 manufacturing plants and four engineering and design centres at 18 locations across the globe.