By FY32, the Adani Group intends to invest $60 billion in transmission and distribution (T&D), power generation, and renewable energy. In a presentation to investors, the group laid out its intentions, estimating that more than $21 billion will be invested by FY30 to increase the capacity of renewable energy from 14.2 GW in FY25 to 50 GW by the end of the decade.
Adani Green Energy (AGEL), its renewable energy division, manages utility-scale wind and solar projects and is building what it claims is the largest renewable park in the world in Gujarat’s Khavda.
Transmission Expansion: 30,000 km by FY30
To expand its network, Adani Energy Solutions (AESL), which manages distribution, transmission, smart metering, and cooling, would invest more than $17 billion. By FY30, the corporation wants to have 30,000 km of transmission lines, up from 19,200 km in March 2025.
By FY32, Adani Power plans to invest $22 billion to increase its capacity from 17.6 GW in FY25 to 41.9 GW. With facilities in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, Jharkhand, and Tamil Nadu, in addition to a 40 MW solar unit in Gujarat, the firm is the biggest private generator of thermal electricity in the nation.
India is Emerging as Fastest Growing Power Market
India is one of the power markets with the greatest rate of growth in the world, according to the group, with installed capacity predicted to more than double to 1,000 GW by FY32 from 475 GW in FY25. Due to the demand from data centres, electric vehicles, urbanisation, and industrialisation, it predicted that there were over $500 billion in investment prospects in the area. With 172 GW of renewable capacity in FY25, the nation ranked fourth in the world.
By FY32, it might reach 571 GW, opening up prospects worth $300 billion. It is anticipated that solar power will grow quickly, adding more than 23 GW of capacity in FY25 alone. With an estimated increase in thermal power capacity from 247 GW in FY25 to 309 GW by FY32, an additional 80 GW of coal-based plants and $91 billion in investments will be needed.
According to Adani Power, “Coal continues to be the foundation of India’s baseload power, providing a steady supply despite growing demand and renewable variability.” Transmission lines are anticipated to expand from 494,000 km in FY25 to 648,000 km by FY32, providing a $110 billion investment opportunity on the network side, the organisation stated.
Quick
Shots
•Capacity to
rise from 14.2 GW in FY25 → 50 GW by FY30; world’s largest renewable park
being built at Khavda, Gujarat.
•Adani Energy
Solutions (AESL) to invest $17B; transmission lines to expand from 19,200 km
(2025) → 30,000 km (2030).
•Installed
capacity expected to more than double from 475 GW (2025) → 1,000 GW (2032).
•$500B+ Market opportunity is driven
by data centres, EV adoption, urbanisation & industrialisation.
Reliance Industries Ltd., a company owned by billionaire Mukesh Ambani, risks penalties for not establishing a battery cell plant as part of Indian Prime Minister Narendra Modi’s initiative to reduce reliance on imports, according to various media reports. Reliance New Energy Ltd., one of the companies that won a bid for battery cell manufacturing in 2022 as part of an Indian government initiative to encourage local production, is subject to fines of up to INR 125 crore ($14.3 million) for failing to meet a deadline. According to reports, Rajesh Exports Ltd., which also filed to produce battery cells under this government program, is also responsible for halting the advanced-chemistry cell development and may face fines of a comparable magnitude.
Why Firms are Failing to Achieve Manufacturing Goals?
Modi’s “Make in India” plan to challenge China as the world’s factory may be thwarted by technological obstacles and changing market dynamics, as seen by the failure to meet state-directed manufacturing targets. Although Modi aimed to increase manufacturing’s proportion of the GDP to 25%, it fell from 15% in 2014 to 13% in 2023. Although local smartphone assembly has benefitted greatly from manufacturer subsidies under the so-called Production-Linked Incentives, or PLI, the results haven’t been consistent across industries.
As part of the nation’s efforts to lessen reliance on imports for electric vehicles, Reliance New Energy, Rajesh Exports, and the Ola Electric Mobility Ltd. unit have won bids in 2022 to construct the battery cell plants under the PLI program. Subsidies totalling INR 18,100 crore were available to manufacturers that met project objectives aimed at developing a total of 30 gigawatt-hours of advanced chemistry cell battery storage capacity. According to the people, the companies had to reach a minimum “committed capacity” and create 25% local value within two years of the agreement and 50% within five. However, the third party, Ola Cell Technologies Pvt., owned by billionaire Bhavish Aggarwal, has fulfilled its obligations under this PLI scheme. According to an emailed statement from an Ola Electric representative, the Ola unit began trial production in March of last year and intends to begin commercial production of lithium-ion cells in the April to June quarter. He declared, “We are on track to meet the set timelines.”
Shifting Focus on Green Hydrogen
As part of a change in the company’s goals, the Reliance unit has shifted its attention to green hydrogen, a fuel that is thought to be essential to a future free of carbon. Additionally, the firms have not yet solidified the technology required for local production of lithium-ion cells. Furthermore, the cost of lithium-ion phosphate, or LFP, batteries has been decreasing globally. As a result, cell imports are now more affordable than ever before, which raises questions about domestic demand and slows down investment in India. While the Netherlands-based Lithium Werks, with its Chinese manufacturing facilities, and sodium-ion cell manufacturer Faradion were acquired by Reliance New Energy in 2021 and 2022, respectively, these were very modest investments.
Waaree Energies is led by the visionary Chairman and Managing Director Hitesh Chimanlal Doshi, who has not only changed the face of Indian solar but has also set an example of entrepreneurship. He was born on Feb 22, 1967, in a small village, Tunki, in Maharashtra, where he grew up in an economic and resource-poor family.
Doshi had a dream to make a better future for himself and to be part of constructing India’s energy needs. What started as a small venture manufacturing pressure and temperature gauges has evolved into a colossal enterprise: India’s largest solar energy company, Waaree Energies.
In this StartupTalky story, we will cover his early life, his struggles, Waaree Group’s founding, and more. We will look at how innovative Hitesh Doshi has been in becoming a business tycoon. We will also learn about the investments made, controversies, and remarkable recognitions he has achieved for his role in India’s renewable energy sector.
Biography
Name
Hitesh Doshi
Born
February 22, 1967
Birth Place
Tunki, Maharashtra
Education
Khoteawar Maharaj Vidhyalay Eklara Buldhana Bachelor’s Degree in Commerce, Shri Chinai College of Commerce & Economics, University of Mumbai. Doctorate in professional entrepreneurship in business project management, European Continental University
Hitesh Doshi – Chairman and Managing Director of Waaree Energies
The founder of Waaree Group, Hitesh Chimanlal Doshi, comes from a modest background in the Buldhana district of Maharashtra, India. Doshi grew up in a village without electricity or telephones. The family was always under financial constraint, and his father had a small grocery store, but he kept plugging away to build a better future.
Education was a way to provide Doshi with avenues of opportunity; however, his village school taught up to only the 7th grade. Doshi had to cycle daily to a nearby village to pursue further studies. It didn’t scare him; it motivated him to forge beyond the walls of his upbringing. Doshi later went to Shri Chinai College of Commerce & Economics at the University of Mumbai and graduated with a bachelor’s degree in commerce in 1987.
Doshi spent his college years in a hostel in Nagdevi, Mumbai, where he began his entrepreneurial career. Doshi soon became aware that financial independence is important, so he traded and ran a bit of business to keep himself, picking up valuable skills and experience that would one day help him in the renewable energy sector.
Doshi started his first business with a small loan of INR 5,000 from a relative, manufacturing pressure and temperature gauges. The Waaree Group took this modest beginning as a big step towards its success.
Founding Waaree Energies was a bold step into the renewable energy sector by Hitesh Doshi. Doshi’s company began producing temperature and pressure gauges for industrial uses and soon realized a burgeoning business niche in solar energy. Globally, there is an increasing demand for alternative, sustainable energy solutions, which was a crucial time for India’s energy landscape.
In the early days of Waaree Energies, Doshi spent most of his time creating solar modules. At this time, India was not a major player in the global solar market, and domestic manufacturers were few. As Doshi led Waaree Energies, it managed to carve a space for itself as a niche player in India’s solar market, providing high-quality products for both the residential and industrial markets.
Seeing increasing demand for clean energy all over the world, Waaree Energies began scaling up its operations. The company expanded its solar module manufacturing capability in the mid-2000s and gained a reputation for reliability and quality. Doshi, however, helped Waaree Energies become a leader in India’s solar energy sector even in the face of stiff competition from international players, especially China.
Doshi recognized Waaree’s footprint beyond India, and he realised that the company had the potential to tap into global markets. Government incentives to encourage renewable energy adoption allowed the company to begin exporting solar modules to places like the U.S. The turning point for Waaree was that it was able to reach more lucrative international markets and spread its revenue base.
In 2015, Doshi was instrumental in setting up Waaree Energies’ modern solar module manufacturing facility in Tumb, Gujarat. Investment in the plant was INR 8,000 crore, and it became one of the largest solar panel manufacturing facilities in India. This was a huge expansion, which helped Waaree to increase its production capacity and to serve better the rising domestic and international demand for solar panels.
By 2018, Waaree Energies had become a leader in India’s solar sector. It gained a reputation as a high-performance solar panel company that was trusted across residential and commercial markets. However, Waaree’s expansion was not only manufacturing; it also included a push into solar power generation and EPC services, which were vital to meet the requirements of large-scale infrastructure projects.
Waaree Energies, under Doshi’s leadership, filed for an initial public offering (IPO) on the Bombay Stock Exchange (BSE). This was a big step for the company and a marker of readiness for the next stage. The Waaree Energies IPO generated INR 2,800 crore (around $514 million), which became one of the major investments by Doshi and his company. The IPO was meant to raise capital to expand production capacity and advance research and development, as India pushed for more renewable energy.
Waaree, a part of Waaree Bluegrip, a wholly owned subsidiary of the Waaree Group, headquartered in Rajkot, India, continued its international growth strategy through solidification of the company’s position in the U.S. market. Waaree took advantage of the U.S. government’s clean energy focus by offering high-quality, competitively priced solar products free from Chinese influence, Doshi said. Waaree’s strategic move helped it gain a competitive advantage in one of the biggest solar markets in the world.
Under the leadership of Doshi, Waaree Energies focused on innovation and brought new solar technologies to market to improve efficiency and costs. The company started to concentrate more on the development of high-efficiency solar modules to fortify India’s position as a global leader in renewable energy.
To date, Waaree Energies, under the leadership of Hitesh Doshi, has been expanding and innovating. As a leading contributor to India’s renewable energy goals, the company has played an important role in India’s aspiration to reduce its reliance on fossil fuels and achieve greater energy independence. Doshi has been instrumental in pushing the boundaries of sustainable manufacturing in India’s solar landscape, and Waaree’s impact on India’s solar landscape is undeniable.
Hitesh Doshi – Investments
The Chairman of Waaree Energies, Hitesh Chimanlal Doshi, has been investing heavily in the renewable energy sector through his company, Waaree Energies. Solar cell manufacturing is the company’s focus, and it has emerged as a leading player in the Indian energy landscape, with a manufacturing capacity of 12,000 MW installed. Doshi’s family also owns a large stake in Waaree Renewable Technologies and Waaree Technologies, both listed companies in engineering and energy storage solutions.
On 16 September, in Washington, District of Columbia, the Strategic Clean Energy Partnership (SCEP) Ministerial was held. It was organized by Jennifer Granholm, the Secretary of Energy for the United States of America, and Hardeep Singh Puri, the Minister of Petroleum and Natural Gas for India. Under the SCEP, the parties discussed the activities that have been carried out across the several technical pillars.
These initiatives included Power and Energy Efficiency, Responsible Oil and Gas, Renewable Energy, Emerging Fuels and Technologies, and Sustainable Growth. The progress that has been made under the partnership to drive clean energy innovation, strengthen energy security, and accelerate clean energy transitions was welcomed by the ministers. This progress was made possible, among other things, through more focused efforts on manufacturing clean energy and building supply chains that are resilient, responsible, stable, secure, and diverse of their supply chains.
Not only did the parties acknowledge the necessity of working towards an orderly, and sustainable energy transition that emphasizes access to energy supplies that are dependable, affordable, and environmentally friendly, but they also expressed their appreciation for the significant role that energy commerce plays in supporting the national interests of both nations.
The ministers recognized the progress that both countries have made in promoting energy efficiency, accelerating the development and deployment of emerging clean energy technologies, advancing the deployment of renewable energy and reliable grid integration, promoting energy efficiency, and advancing the decarbonization of high-emitting sectors such as industry, buildings, and transportation.
Renewable Energy Technology Action Platform (RETAP)
With the goal of developing actionable roadmaps for hydrogen, long duration energy storage, offshore wind, and geothermal energy through research and development, pilots and demonstration, and incubation-investment-industry networks, the ministers expressed their satisfaction with the formal launch of the Renewable Energy Technology Action Platform (RETAP) in August 2023. Additionally, they expressed their contentment with the progress that is being achieved by both parties in accordance with the RETAP system.
The two nations expressed their enthusiasm for working together on the establishment of a new National Centre for Hydrogen Safety in India as well as a partnership on the 2nd International Conference on Green Hydrogen, which took place from 11 to 13 September 2024. The ministers noted the extended bilateral expert exchanges on clean hydrogen research and development, attempts to reduce costs, and the deployment of hydrogen hubs in both countries through RETAP, which is the public-private Hydrogen Task Force. The work that is being done to employ green hydrogen in buses, tractors, and other heavy equipment was also welcomed by the ministers.
The ministers emphasised how important it is to promote the integration of renewable energy sources on a broad scale into the grid while also enabling grid operations that are flexible and reliable through the use of energy storage mechanisms. Regarding the formal launch of the public-private Energy Storage Task Force, which aims to address policy and regulatory frameworks, safety, manufacturing and supply chains, and innovative business models; focused RETAP efforts on long-term energy storage and alternative chemistries to Li-ion technologies.
Sustainable Aviation Fuel
These two nations came to an agreement to provide a boost to environmentally friendly aircraft fuel. An inaugural workshop on sustainable aviation fuels (SAF) was held to support training on research and development, tax incentives, supply chain capacity building, market development, financing opportunities, fuel certification, regional and international coalition building, and the facilitation of commercial partnerships. In this context, the parties expressed their appreciation for the new engagement on SAF. As part of the Biofuels Task Force, the ministers expressed their satisfaction with the preparation of two joint papers on the subject of SAF and biofuels.
Both nations reaffirmed their dedication to enhancing energy efficiency and expressed their enthusiasm for the possibility of working together on super-efficient appliances. The goal of this partnership is to raise efficiency requirements, increase the deployment and production of high-efficiency inexpensive cooling systems, and encourage supply chain diversification.
Bhopal (Madhya Pradesh) [India] August 8: In the small town of Satna, a young boy named Yash R Gautam faced disappointment when he failed his High School exams. But Yash did not let this setback stop him. Instead, it fueled his determination to forge his own path and make a real difference.
Yash became interested in renewable energy while in college. As his friends pursued job offers, Yash turned them down. He had a vision to upgrade the way energy is produced. With like-minded friends, Yash started his own company in Renewables.
The early days were challenging. LXN, founded by Yash R Gautam and, his co-founders, is revolutionising how electricity is used. The journey began in 2021 and was filled with many challenges. Yet, Yash and his team’s determination never wavered.
Today, they serve over 15,000 customers, saving 1,240 MWh of electricity and reducing carbon emissions by 1,179 tons. “Our mission is to optimise your energy usage without any effort on your part. By leveraging Al and machine learning, we ensure you save on energy costs and reduce your carbon footprint,”
Luxsun’s business model caters to both businesses and households. Also, their real-time tracking and control systems make energy management intuitive and accessible.
Let’s make energy efficiency a norm. Together, we can create a sustainable world.
We had so many doubts at first, Yash recalled. “Could we really succeed in spreading awareness of solar energy? But we kept pushing forward. When we secured our first client, it felt like a huge victory for the whole team. Completing that first project motivated us to keep growing our company.”
And then there was no looking back for the team – once a fledgling startup, Luxsun Energy has now turned into a big name – a major force in India’s renewable energy sector. With each successful project, their reputation grew stronger.
Today, Luxsun Energy earns over ₹10 crores in revenue. It has expanded across many states in India.
“Making Luxsun Energy an iconic Indian brand requires total commitment to innovation, sustainability, and customer satisfaction,” said Yash. “We use cutting-edge technology, build strong industry partnerships, and never compromise on excellence. Our goal is to redefine the energy landscape for a brighter, greener future.”
At the heart of Luxsun’s success is delivering real value to customers. They use India’s highest-rated solar panels for unbeatable performance. Their swift 10-hour installation process reduces disruption. And their unique mounting designs optimise energy production while looking great.
But Luxsun has a larger mission – inspiring India to transition to net-zero carbon emissions through renewable energy sources. They want to spark a nationwide movement of people embracing cleaner power and creating a healthier planet for future generations.
Yash’s journey from failing high school to becoming a renewable energy entrepreneur is incredibly inspiring. Through tremendous perseverance and belief in sustainable solutions, he built a thriving business with real social impact.
As India works towards its renewable energy goals and tackles climate change, Luxsun Energy is leading the way. They are pioneering a future powered by the sun’s boundless energy.
