Fujiyama Power Systems board approved a ₹350 crore investment for a 1.2 GW TopCon solar cell manufacturing facility in Ratlam, Madhya Pradesh.
The expansion is part of a backward integration strategy to reduce cost volatility and improve gross margins, targeting commissioning in Q4 FY2026-27.
Financing for the project will be achieved through a combination of debt and internal accruals from the company.