Avaada Group intends to invest Rs 1 lakh crore across various regions of the country in the coming five years to aid in the expansion of power generation and related sectors.

The renewable energy company's solar photovoltaic production division has submitted paperwork to the regulator for its initial public offering, announced Chairman Vineet Mittal to journalists in Mumbai.

The organization, currently employing approximately 6,000 individuals, aims to recruit 10,000 new employees within the next three years as it grows, according to Mittal.

According to Mittal, the group presently has 6.1 GWp or Gigawatt-peak of commissioned solar power generation assets and mentioned that this figure will grow to 30 GWp in the next five years.

The company is exploring wind energy production as well, and anticipates that its expansion will outpace solar energy in the upcoming years, Mittal mentioned. He also mentioned that in the next five years, one-fifth of total generation will come from wind power.

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Mittal stated that the group faces no obstacles regarding capital to carry out its expansion efforts, noting that it has not yet fully utilized the Rs 10,500 crore of funding pledged by outside investors.

Referencing the introduction of new investment options, Mittal stated that the sustainability theme maintains significant investor interest in its initiatives.

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Usually, 25 percent of the invested funds are sourced from equity, while the remaining portion is financed through debt, he mentioned, noting that internal accruals will also be utilized.

Mittal refused to provide any information on the IPO of Avaada Electro, the solar PV manufacturing division, noting that the documents have been submitted via the confidential process.

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None of the group's investors or promoters are focused on dividend income, and any surplus generated is reinvested back into the business, he mentioned.