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Cosmic gets CTE Approval
Cosmic PV Power Limited has received the Consent to Establish (CTE) from Madhya Pradesh’s pollution control authorities for its upcoming 1.10 GW solar cell manufacturing plant in Narmadapuram, marking a formal green light for a project the Surat-headquartered manufacturer sees as central to its next phase of growth. The facility, spread over 60 acres of land leased for 99 years, is expected to begin commercial operations in FY 2027-28 and will produce cells using N-Type TOPCon technology.
The timing is notable. India’s Ministry of New and Renewable Energy (MNRE) brought the ALMM List-II mandate for domestically produced solar cells into force on June 1, 2026, requiring government-backed, net-metered and open-access projects to use cells sourced exclusively from domestic manufacturers listed under List-II. The rule has exposed a wide gap between India’s module and cell capacity: against roughly 193-210 GW of installed module manufacturing capacity, domestic cell capacity stood at only about 30-31 GW as of mid-2026, with the shortfall particularly acute in TOPCon, where approved module capacity of nearly 172 GW is backed by only around 10 GW of domestic TOPCon cell capacity. For a module maker like Cosmic, moving upstream into cells is as much a compliance necessity as a strategic choice.
“The CTE approval for Narmadapuram is a milestone we have worked towards for a long time. Backward integration into cells is not an option anymore for serious module manufacturers — it is the only way to stay relevant once ALMM List-II takes full effect. This plant is our answer to that shift, and we are building it to be ready for the next stage of growth for the firm and the market.” 
— Jenish Ghael, Chairman, Cosmic PV Power Limited
Cosmic PV Power was founded in 2020 by Jenish Ghael and Shravan Gupta. From an initial production base of 125 MW, the company has scaled rapidly, and today operates two fully automated facilities in Surat with a combined module manufacturing capacity of 3 GW, spanning Mono PERC, bifacial and N-Type TOPCon technologies. Beyond its own branded output, Cosmic ventured into new territory, built a sizeable OEM/ODM business, manufacturing modules on behalf of roughly 15 other domestic solar companies — a segment that has quietly made it one of the more structurally important, if lower-profile, names in India’s module supply chain.
The company has also been expanding its capacity base at pace. Earlier in 2026, Cosmic commissioned an additional 1.6 GW TOPCon G12R module line at its Surat facility, and has raised funding from investors including the Chanakya Opportunities Fund. The Narmadapuram cell project extends that expansion into a new state and a new part of the value chain, and the company has previously signalled plans for a larger 4 GW TOPCon cell facility in Madhya Pradesh, of which the current 1.10 GW plant represents the first phase.
For Cosmic’s co-founders, the Narmadapuram plant is being positioned as one part of a broader move toward full-stack manufacturing, spanning cells, modules and, eventually, storage.
“We did not start out planning to be a cell manufacturer, but the market has told us clearly that module makers who stay dependent on imported cells will be left behind. Narmadapuram gives us control over a critical part of our supply chain, and it sets up the next stage of our journey, which includes storage. Our goal is to be a complete clean energy manufacturing company, not just a module supplier.” 
— Shravan Gupta, Managing Director, Cosmic PV Power Limited
With commercial operations targeted for FY 2027-28, Cosmic will be racing a large field of Indian manufacturers similarly rushing to close the cell-capacity gap opened up by ALMM List-II — among them, larger listed players expanding cell lines of their own. For a company that has built its position so far largely through OEM manufacturing and steady capacity additions, the Narmadapuram plant marks its most visible bet yet on becoming a vertically integrated name in India’s solar manufacturing story.
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