A monitoring report by India Ratings indicates delays of approximately three months in the implementation of a solar module and cell manufacturing facility, originally slated for completion in fiscal 2026. The delays affect Phase I Module, Phase I Cell, and Phase II Module projects, with revised completion dates now expected in June and December 2026. As of June 30, 2026, Rs 6,976.64 million (approximately $84 million USD) of the proceeds has been utilized, with a significant portion held in fixed deposits as margin money for equipment purchases. The report, which does not constitute an audit or verification of financial records, notes no specific utilization of funds under the general corporate purpose category and relies on information provided by the company and its advisors.
