Thiruvananthapuram: Kerala State Industrial Development Corporation has signed an agreement with Korean company Ju Sung Engineering for the first phase of setting up a project for solar panels with an annual capacity of 100 MW.
The Korean company, engaged in the development and production of solar cell manufacturing equipment and module manufacturing units, will invest Rs 500 crore in the project, a KSIDC press release here said.
The memorandum of understanding was signed between KSIDC Managing Director Tom Jose and Ju Sung Engineering Vice- President Chul-Hong Hwang. The MoU was exchanged in the presence of state Industries Minister P K Kunjalikutty at a function here yesterday.
After a pre-feasibility study by Centre for Management and Development authorised by KSIDC, the joint venture will prepare a detailed project report for the scheme.
The pact for the joint venture will be executed after the feasibility of the project was established, the release said.