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Asia Pacific Capital invests $15 million for 15% stake in Birla Surya

In August last year, Birla Surya, a a part of the diversified Yash Birla Group (YBG), selected GT Solar to provide its DSS450HP crystallization furnaces for the India’s first integrated PV wafer-cell manufacturing facility in Pune.

Subsequently, Birla Surya, has selected GT Solar  for its polysilicon production technology and related engineering services that will be used by Birla Solar that will be used in India’s first large-scale commercial polysilicon production facility located in Chhattisgarh. The company has signed contracts with leading technology suppliers like Roth & Rau AG of Germany,  Herbert Arnold GmbH & Co KG of Germany, RENA GmbH of Germany.

Birla Surya Limited, a part of the diversified Yash Birla Group (YBG), today announced that the company will invest USD 1.2 billion (approximately Rs. 5,400 crores) over the next five years to build India’s first largest integrated facility for fabrication of multi crystalline silicon wafers and processing of solar photovoltaic cells.
In the first phase, the company will set up manufacturing facilities for 60 MWp of multi-crystalline Solar Photovoltaic Cells and fabrication of 125 MWp multi-crystalline Silicon Wafers using Solar Grade Silicon (SGS). The first phase will entail and investment of Rs. 1,493 crores and this is funded through a mix of equity and debt. The company has tied up for long-term debt to the extent of Rs. 970.50 crore. The company would commence commercial production of Phase I by December 2011.

According to reports, Asia Pacific Capital through its Mauritius-based entity, Everest Capital (M) Limited has invested $15 Mn (Rs.68 Cr) for 15% stake in Mumbai-based Birla Surya Limited. Nishith Desai Associates acted as legal counsel to Asia Pacific Capital for this transaction.

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