HYDERABAD: RenewSys India Pvt Ltd on Monday signed an MoU with the Telangana government for setting up multiple PV modules and PV Cell manufacturing units in the state with a phased investment of around Rs 6,000 crores.

RenewSys is a company headquartered in Singapore and it has set up integrated manufacturing facility of solar PV modules and its key components – Encapsulants, Backsheets, and PV cells, an official release said.

With the signing of the MoU, the company has committed to make a phased investment of around Rs 6,000 crores generating direct employment for over 11,000 people over the next five years and to further expand its operations in Telangana, it said.

The MoU was signed in the presence of state IT and Industries Minister D Sridhar Babu in the factory premises at Fab City in Maheshwaram on city outskirts.

As per the MoU, RenewSys will be setting up solar PV modules, solar PV cells manufacturing units and Aluminum plant between FY 24 and FY 28, the release said.

RenewSys India currently has three manufacturing plants in the country - including Hyderabad and Bengaluru, with the factory in Hyderabad being the company's largest integrated facility, it added.