Surana Plans to Raise $25 Million to Develop Solar Projects
Surana Ventures Ltd., an Indian maker of solar panels, plans to raise $25 million to fund its projects and capacity expansion.
Surana will raise the money through a mix of debt and equity, Managing Director Narender Surana said in phone interview yesterday from Secunderabad, where the company is based. It is in talks with Middle East and Indian investors for fundraising, he said.
Surana plans to set up two 5-megawatt solar power projects near Hyderabad through its newly formed subsidiary, Surana Solar Systems Pvt. Ltd., he said. About $15 million of the cash will be spent on commissioning the expansion of its panel unit in Hyderabad and the rest on developing solar power projects, he said.
The shares of the company in Mumbai were trading at 33.55 rupees, down 1.1 percent at 2:53 p.m.
To contact the reporter on this story: Ganesh Nagarajan in Chennai at firstname.lastname@example.org
To contact the editor responsible for this story: Sam Nagarajan at email@example.com
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.