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Vikram Solar Enters INR 2,000 Crore Solar Cell Supply Agreement with Jupiter International

Vikram Solar has formalized a domestic solar cell procurement arrangement with Jupiter International for the supply of nearly 2 GW of ALMM-compliant crystalline solar cells, according to a regulatory filing.

The agreement, executed on February 20, 2026, carries an estimated value of around Rs 2,000 crore. It includes the supply of high-efficiency TOPCon solar cells as well as mono PERC solar cells, both of which are widely used in advanced solar module manufacturing.

This procurement initiative is designed to reinforce Vikram Solar’s access to locally manufactured, high-performance solar cells in alignment with the requirements under India’s Approved List of Models and Manufacturers (ALMM) framework.

India’s solar manufacturing sector has been grappling with a structural imbalance, as rapid growth in module assembly capacity has outpaced the expansion of domestic cell production. Policymakers and industry players are increasingly focusing on strengthening upstream manufacturing to reduce import dependence and enhance supply chain resilience.

Against this backdrop, the agreement is viewed as a strategic step by Vikram Solar to secure reliable long-term cell supplies while optimizing costs, amid a broader industry shift toward domestic manufacturing and self-reliance.