Jindal Poly Films To Acquire Stake In Solar Film Maker Enerlite

Jindal Poly Films Ltd (JPL) will acquire full ownership of Enerlite Solar Films India, a manufacturer of encapsulation films used in photovoltaic (PV) modules, the company said in a regulatory filing on Wednesday.

JPL, which currently holds a 33.05% stake in Enerlite, said the firm would become a wholly owned subsidiary following the transaction. The deal, conducted on an arm’s length basis, is expected to be completed within six months, the company added.

Enerlite reported an unaudited turnover of ₹28 crore for the financial year ending March 2025, compared with ₹43.07 crore in FY24 and ₹17.77 crore in FY23. JPL said the acquisition aligns with its long-term strategic vision, adding that Enerlite, currently classified as an associate company, will be reclassified as a subsidiary post-transaction.

Boost to Encapsulation Film Capacity

Encapsulation films are a key component in solar modules, offering protection against moisture, UV radiation, and mechanical stress, thereby enhancing the efficiency and lifespan of PV cells.

India’s push for domestic solar manufacturing—driven by the government’s Production Linked Incentive (PLI) scheme and broader import substitution strategy—has led to a sharp rise in demand for high-performance encapsulation materials.

By fully integrating Enerlite, JPL aims to strengthen its position in the clean energy value chain and diversify into advanced materials for renewable energy applications.

India’s solar sector has seen increased backward integration in recent quarters, as companies look to localise the entire manufacturing stack—from wafers and cells to modules and specialty films—amid efforts to reduce dependence on Chinese imports.

JPL’s acquisition also comes as global solar manufacturers reconfigure supply chains in response to geopolitical trade tensions, the US Inflation Reduction Act (IRA), and emerging trade measures in the European Union.