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Avaada Plans Rs4,000–5,000 Cr IPO to Fund 5 GW Solar Manufacturing Unit in UP

Avaada Group, led by Vineet Mittal (also the former co-founder of Welspun Energy), announced preparations for an initial public offering (IPO) estimated at Rs4,000–5,000 crore to support its solar module manufacturing expansion. According to a report by CNBC TV18, the IPO will fund the group's capex plans, primarily for establishing a 5 GW integrated solar module and cell manufacturing facility in Uttar Pradesh.

Sources familiar with the development indicate that Avaada has approached several investment banks and legal firms to begin early-stage planning and mandate selection for the IPO process. While the deal is still in a preliminary phase and subject to change, it underscores Avaada’s strategy to vertically integrate its solar business and contribute significantly to India’s clean energy goals.

The IPO proceeds are expected to be channelled toward building capacity across the solar manufacturing value chain, strengthening India’s domestic manufacturing ecosystem, and reducing dependency on imports, especially from China.

This move aligns with India’s broader ambition to become a global hub for solar manufacturing under its Production Linked Incentive (PLI) scheme and energy transition roadmap, and could position Avaada as a key player in India’s growing solar manufacturing sector.