The Kerala State Industrial Development Corporation has signed a Memorandum of Understanding (MoU) with Jusung Engineering from South Korea for the production of solar panels in the state.

Jusung Engineering might invest 500 crore in Kerala in the first phase of the project for producing solar panels with an annual capacity of 100 MW per year. The South Korean company focuses on the development and production of solar cell manufacturing equipment and module manufacturing units. It will set up a solar cell and module manufacturing facility in the southern state.

The memorandum of understanding was signed between KSIDC Managing Director Tom Jose and Ju Sung Engineering Vice- President Chul-Hong Hwang. The files were exchanged between the state authorities and the company in the presence of state Industries Minister P K Kunhalikutty.

KSIDC has authorised Centre for Management and Development to carry out a pre-feasibility study, following which the new joint venture will offer a detailed project report and a marketing plan for the proposed investment in the state. The pact to form the joint venture will be implemented only after the feasibility of the project is accepted. KSIDC will assist to secure land, power and other infrastructural support for the project in the state.