Websol Energy shares surge on MoU to assess PV ingot and wafer manufacturing in India

Shares of Websol Energy System Ltd jumped nearly 12% on Tuesday, December 2, after the company said it has signed an MoU with US-based Linton Crystal Technologies to explore setting up PV ingot and wafer

manufacturing in India.

In an exchange filing, Websol said the proposed collaboration would involve acquiring PV ingot and wafer manufacturing equipment from Linton, a global player in Czochralski (CZ) furnace and crystal-growing technology. Linton will also provide technical expertise, training and process-optimisation support if the project progresses.

The move is seen as a step towards backward integration in the solar value chain, as India pushes to reduce its dependence on imported wafers — a critical raw material for solar modules, where domestic makers still rely heavily on Chinese supply.

Websol, which currently manufactures high-efficiency solar cells and modules, said the initiative aligns with its longer-term plan to build a “fully integrated” solar manufacturing ecosystem.

Shares of Websol pared intraday gains to close at ₹106.70 on the NSE, up 5.38%. The stock has declined over 24% in the past six months.

Sohan Lal Agarwal, Managing Director, Websol Energy System, said: “By exploring PV ingot and wafer manufacturing capabilities, we aim to reduce our dependence on key raw material imports and enhance the company’s technology base.”

Citing Linton’s global expertise in ingot and wafer technologies and Websol’s three decades of experience in solar cell and module manufacturing, Agarwal added: “Together, we are well positioned to capture the next wave of opportunities in India’s rapidly evolving solar industry.”

The company emphasised that the MoU is exploratory and does not constitute a binding investment commitment.

Websol currently operates a 1,200 MW solar cell line and a 550 MW module facility at its SEZ plant in Falta, West Bengal. It supplies cells domestically to support module makers in meeting DCR requirements, while exporting modules internationally.