IDFC PE invests Rs 400 cr in Suzlon subsidiary

Subscribe to Oneindia News

New Delhi, Sept 29 (UNI) SE Forge Ltd (SEFL), a subsidiary of Suzlon Energy Ltd, today said it has raised equity investment of Rs 400 crore from IDFC Private Equity (IDFC PE).

SEFL is setting up one of the largest foundry and forging capacities in the world to cater to the growing wind energy sector.

The funds are intended to be used for increasing green field capacities, a company statement said.

Shyam Sundar SG, Managing Director at IDFC PE, will be joining the board of SEFL, it added.

Yes Bank was the sole advisor to SE Forge for this transaction.

The company has established two facilities--a 1,20,000 million tonne (MT) foundry unit in Coimbatore and a 42,000 rings per annum ring-rolling forging facility in Vadodara.

UNI SR MP AS1817

Please Wait while comments are loading...