Welspun Energy is looking at the possibility of 100 Mw plant in the state in the next financial year. “UP has a huge potential in solar energy space, which will also help the state overcome prevailing power deficit,” Welspun Energy Managing Director Vineet Mittal had earlier said.
According to reports, in the largest private equity (PE) investment in India this year, Apollo Global Management Llc, a US-based PE firm with $70 billion under management globally, announced on Wednesday that it will invest $500 million in Welspun Group, a Mumbai-based pipe-to-textiles manufacturer.
The funds will be used by Welspun to expand through acquisitions of iron ore assets and also to invest in thermal and solar power plants.
“A lot of projects are going offshore and need complex equipment and so we think the demand for Welspun products will increase,” said Mintoo Bhandari, managing director of Apollo Global Management India Advisors Pvt. Ltd.
The PE firm will invest Rs.1,445 crore in two entities —Welspun Corp. Ltd (WCL) and Welspun Maxsteel Ltd (WMSL). Apollo is in discussions with the group to invest another Rs.675 crore in Welspun Infratech Ltd (WITL), a subsidiary of WCL, which offers construction and infrastructure services in the country.