Surana Ventures to set up solar cell unit in Hyderabad

Hyderabad: Surana Ventures Ltd, part of the Bhagyanagar India group, plans to set up a Rs 250-crore solar cell and panel manufacturing unit near Hyderabad. The company has received an in-principle clearance for the allotment of a 25-acre site in Fab City, coming up near here.

The Managing Director of Surana Ventures, Mr Narender Surana, said that the company expects to go on stream by next year and is targeting exports to Spain, Germany and the US.

Mr Surana told Business Line that the new venture was created with a 40:40-equity of promoter group companies Bhagyanagar India and Surana Telecom, and the rest through investments from promoter group members. Of the Rs 250 crore required for the project, Rs 75 crore is being infused through internal accruals, Rs 150 crore from debt and the balance from strategic investors.