Key Developments

Turnover Linked Incentive (TLI)

  • Insolation Green Energy Private Limited (wholly owned subsidiary) received Entitlement Certificate dated 26th October, 2026 from Government of Rajasthan, Office of Commissioner of Industries
  • Eligible Fixed Capital Investment: ₹179.12 crore (approved by State Level Screening Committee)
  • Turnover Linked Incentive rate: 1.98% (including applicable boosters)
  • Maximum incentive claimable: Up to 125% of eligible fixed capital investment
  • Potential maximum incentive entitlement: Approximately ₹223.90 crore
  • Incentive realization period: Approximately nine years, based on eligible turnover generated each year
  • Subject to applicable provisions, conditions, ceilings and disbursement requirements under RIPS-2022

Electricity Duty Exemption

  • 100% exemption from electricity duty for the project
  • Annualized benefit estimated to exceed approximately ₹1 crore per annum (based on current electricity bills)
  • Expected to provide recurring savings in electricity-related operating costs
  • Subject to prescribed eligibility conditions and Company's eligible electricity consumption

Project Details

  • Solar module manufacturing plant located at Sawarda, Jaipur, Rajasthan
  • Incentives granted under Rajasthan Investment Promotion Scheme, 2022 (RIPS-2022)

Future Expansion Plans

  • Company pursuing additional subsidy and incentive benefits of approximately ₹185 crore for second phase expansion
  • Requisite documents already submitted to concerned Government department
  • Expecting approval in coming quarters, subject to review and approval process of competent authority

Financial Implications

  • Turnover-linked incentive will provide additional financial benefit as eligible turnover is generated and incentives disbursed
  • Electricity duty exemption expected to reduce eligible electricity-related operating costs
  • Benefits expected to improve overall operational cost efficiency and cash flows
  • Actual financial benefits depend on eligible turnover, applicable incentive ceilings, duration of exemption, eligible electricity consumption, and fulfilment of RIPS-2022 terms and conditions

Accounting Treatment

  • Company will recognize and account for incentives in accordance with applicable accounting standards and regulatory requirements

Management Perspective

Company believes these incentives will support financial and operational economics of solar module manufacturing operations at Sawarda, Jaipur, Rajasthan over applicable periods.