Emmvee Photovoltaic Power Limited

Emmvee Photovoltaic Power Limited is an integrated manufacturer of solar photovoltaic modules and solar cells based in Karnataka, India. The company designs and produces solar PV modules, including panels built on higher-efficiency TOPCon cell technology, and supplies both cells and finished modules. It serves independent power producers, commercial and industrial buyers, and engineering, procurement and construction firms across the domestic solar market. Incorporated in March 2007, the company has built more than eighteen years of operating experience in the solar sector. As of mid 2025 it ran four production facilities in Karnataka, with installed solar PV module capacity of about 7.80 GW and solar cell capacity of roughly 2.94 GW, and it employed several hundred full time staff. By installed capacity it ranks among the larger pure play integrated solar module and cell producers in the country. The company is expanding, adding new module production lines and integrated cell and module capacity to meet rising domestic demand. Its growth is supported by policy measures that favour locally made modules, including approved list certification requirements, production linked incentives and domestic content rules for government backed projects. The business is capital intensive and carries a sizeable debt load, a portion of which the company set out to repay using the fresh proceeds of its public offering.

The company raised about 1,305 crore rupees from anchor investors ahead of the issue, allotting 60,138,249 shares at 217 rupees each. Participants included global institutions such as the Abu Dhabi Investment Authority, Amundi, Goldman Sachs, Morgan Stanley, Nomura and Citigroup, alongside leading domestic mutual funds including ICICI Prudential, Kotak, HDFC, Tata and Aditya Birla Sun Life.