Surana Ventures Ltd, the solar energy module making arm of Hyderabad-based Surana Group, is looking to raise $30 million through an overseas issue/borrowing or preferential allotment to finance photovoltaic cell line and set up automated module line. The company’s board has also okayed a separate proposal for initiating steps to list the firm at the London’s Alternate International Market which could mean the firm plans to raise the funds through AIM.
Surana Ventures is into solar products ranging from solar photovoltaic (SPV) modules to lighting systems. The Surana Group ventured into the business in 2008 by establishing a 100% export oriented SPV modules manufacturing plant at Cherlapally, Hyderabad with an installed capacity of 12 MW.
Currently, the company has a production capacity of 40 MW/annum. The flexible manufacturing facility produces photovoltaic solar modules with power output ranging from 3 to 230 Wp.
Surana Ventures was recently demerged out of Surana Telecom, a company engaged in telecom cables and handset assembly besides power. It had revenues of around Rs 41 crore for the year ended March’10 with profit of approximately Rs 8 crore. The management is looking to more than double both sales and profit in the current fiscal.
Founded over three decades ago, Surana Group is a well-diversified conglomerate with businesses like solar and wind power, telecommunications, copper products, power cables and infrastructure.
AIM has been a favourite overseas listing spot for Indian companies over the recent past although the number of new listings slowed down during 2008-10. But over the last few months activity has picked up significantly. Several Indian clean energy focused firms like Greenko Group and Indian Energy are listed on the exchange.
Oil explorer Jubilant Energy among four others firms– iEnergizer, SKIL Ports & Logistics, Caparo Energy and Photon Kathaas together raised over $300 million recently.