Ratlam expansion to boost backward integration and DCR-compliant rooftop solar supply.

Fujiyama to Invest ₹350 Crore in 1.2 GW TopCon Solar Cell Facility in Madhya Pradesh.

Fujiyama Power Systems has announced plans to set up a 1.2 GW TopCon solar cell manufacturing facility at its Ratlam plant in Madhya Pradesh, with an investment of ₹350 crore. Approved by the company’s board, the project is part of Fujiyama’s strategy to strengthen backward integration, upgrade technology capabilities and expand its footprint in the on-grid rooftop solar market. The new facility is expected to be commissioned in the first quarter of FY28 and will help ensure the timely availability of DCR-compliant solar cells, reduce cost volatility and improve margins. The expansion aligns with the implementation of ALMM-II for solar PV cells from June 1, 2026, which is likely to drive domestic demand for locally manufactured cells and panels. According to Pawan Kumar Garg, Fujiyama’s inclusion in the MNRE’s ALMM-II list positions it well to serve rooftop solar demand, including projects under the Pradhan Mantri Surya Ghar Muft Bijli Yojana. The investment will be funded through a mix of debt and internal accruals.