Hailing from a family of diamantaires, Captain Ishver Dholakiya spearheads Goldi Solar, a Surat-based solar module manufacturer with an annual capacity to manufacture 14 GW (Gigawatt) capacity. With solar projects on the rise, Captain Dholakiya — who holds a pilot license and operates intra-state flights through Ventura Airconnect Ltd — is now looking to invest ₹6000 crore to set up a 10 GW solar cell manufacturing unit in South Gujarat.
You have been operating in the renewable energy sector since 2011, primarily manufacturing solar modules. Are you eyeing backward integration?
In the next 4-5 months we will be touching a 14 GW capacity, for manufacturing solar modules at our units located at Pipodara, Navsari, Surat and Kosamba in South Gujarat. The machines needed for these units have been ordered and installation is underway. Now we are looking up solar cell manufacturing in Gujarat. We have finalised land for setting up a 10 GW solar cell manufacturing unit near Surat for which we will be needing an investment of ₹6000 crore.
How do you propose to fund this investment?
We have not decided yet. But we can look to partly fund the project through debt from banks, private investors and partly through internal accruals. We have already invested ₹3500 crore in our solar module manufacturing units and going forward funding will not be an issue. Earlier we had planned for a 4 GW solar cell manufacturing unit, but looking at the huge demand for solar cells in India we have revised it to 10 GW. Currently we have an order book which is not less than ₹10,000 crore.
Are there any challenges in expanding in this sector?
Gujarat is number one state in solar module manufacturing and we currently employ 3500 persons. However, there is a huge shortage of human resources. As we expand our solar module manufacturing from 14 GW to 18 GW this year, and set up a 10 GW solar cell manufacturing plant, we will need 7000 additional new employees. We are finding it difficult to source talent in such high numbers.
Why did you diversify into renewables instead of following the family’s 60-year-old diamond business?
Our family runs the diamond business in the name of Shree RamKrishna Exports. In 2008, when the recession struck, we felt that the entire family pursuing just one business was not a prudent idea. Out of four or five ideas, we zeroed in on the renewable sector which we felt had tremendous potential. I started with a 10 MW solar module manufacturing line at Pipodara which was sourced from both Japan and Germany. Coming from a family of diamond businessmen, we incorporated the same high quality standards in our solar module manufacturing and today we are in a position where people are queueing up to give orders.
Secondly, we are also part of the Ventura Airconnect Ltd, an aviation firm (incorporated in 2014) that largely operates intra-state flights from Surat to Ahmedabad and other locations in association with the Government of Gujarat. It is a nine-seater Caravan 208 aircraft which also serves destinations like Rajkot, Amreli and Bhavnagar. The subsidies provided by the state government are over for this project, but we continue to operate these flights.
