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Solar Energy Systems manufacturer Surana Ventures board approves $30mn fundraising-AIM listing

As Panchabuta had reported earlier this month, Solar Energy Systems manufacturer Surana Ventures  listed on India stock exchanges. The company is part of the Surana Group of  Hyderabad, India.

 Founded in 1978, the Surana Group is one of the country’s leading industrial companies and a strong well-diversified conglomerate which is active in the following areas: Solar & Wind Power, telecommunications, metal processing and infrastructure.

Surana Ventures provides the world with Solar Products which enable green energy to be used wherever it is needed, Lighting Systems like – Home Lighting, Street Lighting, Solar Lanterns.

The use of high-quality Solar Cells and an ISO 9001 certified production line result in Solar PV Modules of outstanding quality which fulfill the requirements of IEC 61215, certified by EuroTest and TUV.

SPV Modules Manufacturing Plant was set up at Cherlapally, Hyderabad, India with an installed capacity of 12 MW. Presently the company has a production capacity of 40 MW/Annum with ongoing projects to increase it. At present there is a new manufacturing unit coming in Fab City, Hyderabad India.

According to this report, Surana Ventures Ltd has informed the stock exchanges that the Board of Directors of the Company at its meeting held  last week Initiate steps to raise upto USD 30 million for financing PV Cell Line and setting up of Automated Module Line through ECBs/ADRs/GDRs/Preferential allotment or such other funding options in accordance with FEMA, RBI and SEBI (ICDR) Regulation, 2009 as may be applicable. The company also informed that they are to initiate steps for Listing of Equity shares in the Alternative Investment Market (“AIM”), the London Stock Exchange’s junior international market, seeking international investment.

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