Indosolar

Indosolar Limited was an Indian manufacturer of solar photovoltaic cells. The company focused on producing monocrystalline silicon solar cells. It was based in Greater Noida, Uttar Pradesh, India.

Indosolar was founded in 2008 and at one point claimed to be the largest solar cell manufacturer in India. The company aimed to contribute to India's solar energy development and reduce reliance on imported solar cells.

However, Indosolar faced significant financial difficulties. Factors contributing to these difficulties included increasing competition from cheaper imports, particularly from China, and fluctuating currency exchange rates. These challenges led to debt restructuring and eventually insolvency proceedings.

In 2018, the National Company Law Tribunal (NCLT) initiated Corporate Insolvency Resolution Process (CIRP) against Indosolar following a petition from its lenders. Subsequently, the company's assets were put up for sale to recover outstanding debts.

Despite initial promise and attempts at revival, Indosolar ultimately ceased operations and its manufacturing facility was acquired by another entity. The closure highlighted the challenges faced by domestic solar manufacturers in competing with global players in the dynamic solar energy market.