Surana Ventures to raise up to $50 m to fund expansion projects.

Surana Ventures Limited plans to raise up to $50 million (about Rs. 330 crore) to part fund its expansion plans, including setting up a manufacturing unit and solar power farms.

The board of directors of the Hyderabad-based company has decided to raise these funds by way of issue of either Global Depository Receipts (GDRs), qualified institutional placement (QIPs) or redeemable preference shares.

Narendra Surana, Managing Director of Surana Ventures, told Business Line the company expects to conclude the process of raising the funds to meet the expansion plans over the next two-three months.

The company has an installed capacity of 80 mw to manufacture solar modules and is in the process of setting up a solar cell manufacture facility with a capacity of 120 mw near Hyderabad. 'We have already acquired the machinery from Scott Solar and plan to implement the project by March 2015,' he said.

Surana has installed total solar power generation capacity of 20 mw for the group companies and is in the process of implementing another 5 mw unit at Vikarabad near here by October end.

'We have also secured a mandate to develop a 10 mw solar power plant at Akola in Maharashtra. The funds we would be raising would be adequate to implement 50 mw of solar power generation capacity and also the manufacturing unit,' he said.

HBL