Birla Power to tap capital markets for expansion
Kolkata, Feb 23 (UNI) Birla Power Solutions Ltd would come out with its second public issue by March this year to raise Rs 60 crore to fund expansion plans.
The issue has been cleared by the SEBI and institutions. Keynote Securities would be the lead manager to the issue and post issue the company would continue to be listed in BSE, Birla Power Solutions Ltd president and CEO Sanjay Khazanchi told UNI.
As part of its plans to be a complete power solutions company, Birla Power has planned to foray into higher powered genset (50 KVA) segment, expand the inverter producing capacity to one lakh units per annum from 35,000 units in its Dehra Dun plant and get into the acoustically developed power solutions business, Mr Khazanchi said.
The proceeds of the issue would be entirely used for the expansion of the plant at Uttaranchal, he said.
Birla Power has already tied up with Lister Petter (UK) for sourcing engines and with Briggs and Stratton (US) for environment friendly LPG based generators. The high powered "Birla Ecogen" gensets would range from 0.5 KVA to 50 KVA power capacity and can used for back ups by business institutions. The products are ranged between Rs 15,000 to Rs five lakhs.
"We are looking at alternate fuel solutions with CNG and LPG and have tied up with HPCL for co-branded LPG products," he said.
Birla Power also launched Birla Kipor Diesel engines and pumpsets to tap the rural market.
The Rs 100 crore Birla Power Solutions is also exploring export markets in Latin America, South Asia market and Nigeria. "We are planning an assembly plant in Nigeria," he added.
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