DV Manjunatha, Founder and MD, and Suhas Donthi, CEO of the group
In the midst of geopolitical tensions and business war of the current United States, the changing dynamics in the global solar market can play Indian players, observe DV Manjunatha, founder and MD, and its Donthi, CEM group of CEM of Bengaluru-Bamemuru-Baseduru-Baseduru-Based-Based-Based-Based-Based-Based-Based-Based-Based-Based-Based-Based-BA SED-BASED-BASED-BASED-BASED-BASED-BASED-BASED-BASED-BASED-BASED-BASED-BASED-BASED-BASED-BASED-BASED-BASED-BASED-BASED Way
In 2023, exports to the United States represented about 18-20 percent of Emmvee’s income. The company is now evaluating the opportunities to establish a manufacturing installation in the United States, in increasing barriers against Chinese imports in that market.
“The United States has imposed significant tariffs on Chinese solar components and even prohibited imports from certain regions on forced labor conerns. These policy changes create new roads so that Indian manufacturers take advantage of global demand,” they said.
Manjunatha and Suhas discuss the group’s strategy for expansion and domestic growth.
Have American restrictions to Chinese imports led to an increase in their exports to that market?
Yourhas:Yes, in 2023, exports to the United States represented around 18-20 percent of our income. However, with the solar installation boom of India, adding 25 GW only in 2024, we have redirected our approach to serve the domestic market. As a result, our current exports are relatively lower.
Are you looking to establish manufacturing units in international markets such as the United States?
Yourhas: We are evaluating such opportunities. However, we are closely observing policy developments in these markets. The stability of the policy will be a key factor in our decision making.
Indian solar manufacturers have traditionally been based largely on Chinese imports for raw materials. Has that changed for Emmvee?
Yourhas: Yes, significantly. In addition to wafers and polisilicio, most raw materials are now available nationwide. Our import dependence has fallen dramatically. Previously, 90 percent or modules were imported from China; Now, that figure has been reduced to zero. We have made the transition towards self -sufficiency and have built a localized supply chain to mitigate geopolitical risks. For each imported component, we also maintain a national supplier alternative, which we prefer to use whenever possible.
How do manufacturers respond as Emmvee to the threat of the Chinese spill?
Manjunath: As for the spill, the government of India has strong tasks. A 40 percent basic customs tariff (BCD) has been imposed on the imported modules.
In addition, the Almm (approved list of models and manufacturers) and the BIS certifications (Indian standards office) are mandatory for any product that connects to the grid. Since Almm’s approval is limited to Indian manufacturers, this has created a significant barrier for Chinese players.
European nations such as Germany have retired many of their solar subsidies. Has this impacted its international operations?
Manjunath: Between 2006 and 2014, we were one of the largest exporters to Europe in India. Since then, we have changed the approach to energy generation and now we operate solar plants connected to the network in Europe. While subsidy withdrawals have made module sales more challenging, the high cost of conventional energy means that demand for solar energy remains strong.
The US market, on the other hand, is growing due to commercial barriers imposed on Chinese imports. The United States has raised significant tariffs and even banned imports from certain Chinese regions in forced labor conerns. This makes Indian manufacturers like us an attractive alternative for American buyers.
He recently announced a mass expansion plan in Karnataka, with an investment of ₹ 15,000 million rupees. Could you guide us through what this implies and what else in the cards by 2025?
Manjunath: The investment of ₹ 15,000 million rupees will be distributed in three to four phases. For the first phase, which is expected to be implemented in 2026, we are in conversations with the state government for the allocation of countries and relations infrastructure. The government has been supportive and is working with us to accelerate the process. At the same time, we are also expanding our existing capacity for another 4 GW, which will work in operation at the end of this calendar year.
What is your expected upper line for fiscal year 2015?
Yourhas: We are on the way to closing the 2015 fiscal year with a higher line or around ₹ 2.5 billion rupees.
Posted on April 18, 2025