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Surana Ventures eyes strategic tie-up with global investors for Solar expansion plans

As Panchabuta had mentioned in January this year, Solar Energy Systems manufacturer Surana Ventures  listed on India stock exchanges. The company is part of the Surana Group of  Hyderabad, India.

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.

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

Surana Ventures Ltd had informed the stock exchanges in late January that the Board of Directors of the Company at its meeting held  last in January had initiated 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.

In April this month, Surana Ventures announced plans to raise $30mn in the next 4-5 months from partial AIM listing and partial FCCB.

According to reports, speaking to CNBC-TV18, Narender Surana said, ” Right now I am in Munich, where the world’s biggest solar exhibition is going on and yesterday one of the potential partners who have been in talks for the last one year is already a channel partner with us and they would like to take it further because they are one of the world’s largest producer of solar raw materials and they would like to have in this market a greater share in Indian products and so far although we have not inked the deal, there are talks which are taking us with close to some understanding”.

“We are talking between 24 to 26% to be given out. This would be part of that fund raising now because we wanted to raise this money for our new cell line which would be costing us approximately USD 22-25 million and with the revised prices of all equipment coming down this is an encouragement for all of us to move faster in this field so we would be looking at one strategic investor or investor from the financial markets. So we would prefer to go with a strategic investor because we would be having access to latest technology especially the flexible solar array of parallel which we have seen. We are looking around USD 15 million but the talks are still going on and there is no conclusive arrangements so far arrived at”.

“I have been in touch with one of the major merchant bankers there as they call Nominated Adviser (NOMAD) in AIM. They are willing to take us forward but the process is approximately three month process and we thought that if we get a strategic investor then we will stop that process and continue with this and get listed on AIM stock market at a later date with much stronger footing”, he added.

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