New Delhi, March 12, 2024: Advait Infratech, a rising company in the infrastructure and renewable energy sector, has successfully retained its fully awarded bid for 100MW/year manufacturing capacity, solidifying its position in India's renewable energy sector.
In a significant development in the country’s renewable energy sector, the government has revised the list of winners in its first auction for electrolyser manufacturing subsidies. After a major participant’s exit from the Indian government's subsidy auction for electrolyser manufacturing, the revised incentives excluded two key companies, making way for other significant players in the Green Hydrogen production sector. Amidst these shifts, Advait Infratech’s steady progress stood out.
Advait Infratech has successfully retained its fully awarded bid for 100MW/year manufacturing capacity. This achievement underscores the company's commitment to innovation and excellence in the renewable energy sector. The maximum incentive allocation of 1,480 million Rupees per year to Advait Infratech is not just a moral boost but a testament to the company's capabilities and future potential in the energy domain.
"Our successful bid in this highly competitive auction is an assurance to Advait Infratech's dedication to excellence in the renewable energy sector," said Shalin Sheth, Managing Director and Founder of Advait Infratech.
The government's initiative, especially in awarding companies like Advait Infratech, aligns with the broader national objective of achieving energy self-reliance and sustainability. By fostering local manufacturing capabilities in electrolyser technology, India positions itself as a key player in the global Green Hydrogen market. This move is particularly significant as it dovetails with the global shift towards sustainable and eco-friendly energy sources.
Established in 2009, Advait Infratech Limited initially started as a trading and consultancy enterprise and has since evolved into a leading manufacturer of stringing tools, ACS wires, and OPGW. The company has carved a niche for itself in the fields of telecommunications, power transmission, and renewable energy. It is recognised on the Bombay Stock Exchange and offers complete turnkey solutions across these industries. Advait Infratech is renowned for its extensive global presence, state-of-the-art laboratory testing facilities, and its commitment to providing integrated solutions. Additionally, the company places a strong emphasis on sustainable energy and carbon consultancy, reinforcing its role as a key player in these sectors.
India is the world's 4th largest consumer of electricity and the world's 3rd largest renewable energy producer with 40% of energy capacity installed in the year 2022 (160 GW of 400 GW) coming from renewable sources. In FY2023-24, India is planning to issue 50 GW tenders for wind, solar and hybrid projects. India has committed for a goal of 500 GW renewable energy capacity by 2030. In line with this commitment, India's installed renewable energy capacity has been experiencing a steady upward trend. From 94.4 GW in 2021, the capacity has gone up to 119.1 GW in 2023 as of Q4. India has set a target of producing 500 GW by 2030 from renewable energy.
