RenewSys India has signed a memorandum of understanding (MoU) with the Telangana government on 19 February, 2024, to establish multiple photovoltaic (PV) modules and PV cell manufacturing facilities in the state with a phased investment of around Rs 6,000 crore.

The MoU has been signed in the presence of State IT and Industries Minister D Sridhar Babu in the factory premises at Fab City in Maheshwaram on the city outskirts. With the signing of the MoU, the company has committed to invest in a phased manner over the next five years and to expand its operations in the state, generating direct employment for over 11,000 workers.

As per the MoU, the company will set up solar PV modules, solar PV cell manufacturing units and aluminium plants between FY24 and FY28.

Presently, RenewSys India has three manufacturing plants in the country, including Hyderabad and Bengaluru, with the factory in Hyderabad being the company's largest integrated facility.