Regulatory Disclosure Details

Agreement Details

Contract Specifications

  • Counterparty: Avaada Electro Limited
  • Agreement Type: Domestic Solar Cell Supply Agreement
  • Product: ALMM-compliant crystalline solar cells, specifically N-Type G12R TOPCon solar cells
  • Capacity: 1 GW (gigawatt)
  • Contract Value: Approximately ₹1,250 crores
  • Delivery Commencement: September 2026

Technical Specifications

The agreement covers supply of high efficiency N-Type G12R TopCon solar cells that are:

  • ALMM (Approved List of Models and Manufacturers) compliant
  • Domestically manufactured
  • Half-cut cell technology
  • Intended for Vikram Solar's module manufacturing operations

Relationship Status

  • Shareholding: Not applicable
  • Related Parties: The parties are not related to promoter/promoter group/group companies
  • Related Party Transaction: No, the transaction does not fall within related party transactions
  • Arm's Length: Confirmed as arm's length transaction

Strategic Context

This agreement reinforces Vikram Solar's position in India's Domestic Content Requirement (DCR) segment and strengthens long-term supply-chain resilience. It represents part of the company's strategy to diversify and strengthen its cell supply chain, complementing its backward integration strategy.

Manufacturing Context

The agreement supports Vikram Solar's upcoming 9 GW high-efficiency solar cell manufacturing facility, which is scheduled to commission in Q4 FY27.

Disclosure Framework

  • Filed under Regulation 30 read with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
  • Includes details required under Para B of Part A of Schedule III of Listing Regulations
  • Reference to SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026

Additional Provisions

  • No special rights like right to appoint directors, first right to share subscription, or right to restrict capital structure changes
  • No issuance of shares involved
  • No loan agreements involved
  • No board nominees or potential conflict of interest arising from the agreement

Company Background

Vikram Solar Limited is headquartered in Kolkata, West Bengal, with:

  • International presence across 39 countries
  • Extensive distributor network of 119 authorized distributors and 750+ dealers
  • Manufacturing plants in Falta Special Economic Zone, West Bengal and Chennai, Tamil Nadu
  • 9-time 'Top Performer' in PVEL's PV Module Reliability scorecard
  • Included in Bloomberg NEF Tier 1 solar PV modules manufacturer list for 9 consecutive quarters