According to reports, Chennai-based wind turbine manufacturer ReGen Powertech Pvt Ltd has raised Rs 100 crore of private equity funding from IDFC PE and MCap Fund Advisors. The deal values ReGen at Rs 1,600 crore.
ReGen’s Managing Director, Mr Madhusudan Khemka, told Business Line today that the company had already received the funds.
ReGen, which sells its wind turbines under a licence from and under the brand name of Vensys, closed last year with a turnover of Rs 1,250 crore. But with orders executed and those to be executed by the end of the current financial year, the company projects a turnover of Rs 2,700 crore for 2011-12.
ReGen, promoted by the Hyderabad-based Nuziveedu Seeds group, today holds 42 per cent. Mr Khemka and Mr Sundaresh hold 21.5 per cent and the rest of the stake is held by Everstone Capital, a private equity fund. The paid-up capital of ReGen today stands at Rs 140 crore, to which the PE has contributed Rs 50 crore.
Mr Khemka had recently told Business Line that the company intends to come out with its initial public offering next year and plans to raise between Rs 400-500 crore from the market.