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TVS Group lines up Rs 18 billion for wind energy

According to reports, after making its presence felt in the automobile industry, TVS Group has its sight set on energy.

The $4-billion group has lined up Rs 1,800 crore to set up wind energy farms of 200 Mw over the next three years, according to a senior official of Sundaram Clayton Ltd (SCL), a holding company of TVS Motor Company, India’s third-largest two-wheeler manufacturer. SCL will fund the projects through debt, equity and internal accruals. It has already commissioned two projects in Tamil Nadu — a 9.35-Mw facility at Gandamanur in Theni and another 14.4-Mw at Vagaikulam in Tirunelveli.  The new projects will be implemented by two special purpose vehicles, TVS Wind Power and TVS Wind Energy.

TVS Energy, a 100 per cent subsidiary of TVS Motor, infused Rs 4.10 crore and Rs 10.15 crore into the two SPVs, respectively. SCL also infused Rs 4.50 crore into TVS Energy. According to SCL’s balance sheet, TVS Energy had Rs 56.25 crore in capital and Rs 165.97 crore in total assets on February 8.

The official said TVS Housing, a 100 per cent subsidiary of TVS Motor Company, “will focus on low-cost housing. We are identifying land for projects”. The housing arm had an asset base of Rs 32.06 crore and liability of similar amount.

SCL today got shareholders’ approval to appoint 22-year Sudarshan Venu as a director. Sudarshan Venu is the son of Venu Srinivasan, chairman and managing director of TVS Motor.

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