Homegrown smartphone brand Micromax Informatics announced on Wednesday its expansion into the renewable energy sector with the launch of a new venture dedicated to manufacturing solar panels in India.
The initiative, named Startup Energy, aims to produce high-efficiency solar panels for residential, commercial, and industrial use, the company stated.
To support this venture, Micromax has signed an agreement with Chinese firm Jinchen, a leading provider of equipment for the renewable energy and new materials industry. Under the agreement, Jinchen will establish a 5GW advanced solar module manufacturing line to enhance production capabilities.
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