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Titan Energy to tap oversees funds for expansion

According to reports, Titan Energy Systems Ltd is planning to raise about Rs 300 crore to fuel its expansion plans.

This could be through international lending agencies like the EXIM Bank and a leading Taiwanese financial services provider. They offer loans at cheaper rates and for longer terms ranging between 10 years in the case of former and five years in the case of latter, said Mr Rao Y.S. Chodagam, Managing Director of Titan Energy. “We may increase the equity and dilute stake to raise funds,” he said.

Speaking to Business Line today, Mr Chodagam said that more than 120 MW of solar photo-voltaic power generation projects are being handled by the company in the country. Yet, there are some concerns when it comes to local supplies.

The company, which has a capacity to manufacture solar photovoltaic modules of 100 mw per annum in Andhra Pradesh, is planning to take up further expansion of the plant to manufacture 50 MW more at Fab City near the Hyderabad International airport.

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