Daijiworld Media Network – Mangalore (NR)
Mangalore Dec 10: Suzlon Energy, one of the leading five wind energy manufacturers in the world, plans to raise $ 500 million (Rs 2,000 crore) through the Qualified Institutional Placement (QIP) route to fund its expansion plans.
According to informed sources Suzlon has reportedly appointed DSP Merrill Lynch and Citigroup as the lead bankers to the issue. The proceeds from the QIP may be used for replacement of debt, funding for capex or other requirements, they said.
In India, Suzlon is in the process of investing Rs 2600 crore in two years to augment its wind turbine manufacturing capacity to 5700 MW and become one of the top three wind turbine manufacturers in the world.
It is adding up capacities at four export-oriented special economic zones (SEZ) at Kandla in Gujarat to manufacture tower equipment, a forging facility at Vadodara, wind turbine and rotor blade manufacturing unit at Mangalore and a plant at Coimbatore to make control systems and generators.
Its subsidiary, Hansen, is setting up Rs 1600 crore project at a Special Economic Zone in Coimbatore, to build an integrated manufacturing plant for the manufacture of wind turbine gearboxes.