Vikram Solar Limited has entered into a domestic solar cell supply agreement with Avaada Electro Limited for the procurement of 1 GW of ALMM-compliant N-Type G12R TOPCon solar cells. The agreement is valued at approximately ₹1,250 crore.
Under the agreement, Avaada Electro will supply domestically manufactured, half-cut N-Type G12R TOPCon solar cells to Vikram Solar for its solar module manufacturing operations. Deliveries are scheduled to commence in September 2026.
The agreement is expected to strengthen Vikram Solar’s position in India’s Domestic Content Requirement (DCR) segment while supporting continuity of cell supplies for its module manufacturing operations. The company said the arrangement will also help diversify and strengthen its domestic cell supply chain.
The supply agreement complements Vikram Solar’s backward integration strategy, which includes its upcoming 9 GW high-efficiency solar cell manufacturing facility. The facility is scheduled to be commissioned in Q4 FY27.
Commenting on the agreement, Gyanesh Chaudhary, Chairman and Managing Director of Vikram Solar, said that strengthening supply-chain depth would be important for India’s next phase of solar growth. He added that the agreement would expand the company’s supplier base and strengthen its position in the DCR segment.
Vikram Solar is an Indian solar module manufacturer headquartered in Kolkata, West Bengal, with an international presence across 39 countries. The company has a pan-India distribution network comprising 119 authorised distributors and more than 750 dealers.
The transaction is between Vikram Solar and Avaada Electro, with no shareholding relationship between the parties, and the company has stated that it does not constitute a related-party transaction.
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