According to reports, Surana Ventures Ltd., an Indian maker of solar panels, plans to raise $25 million to fund its projects and capacity expansion.
Surana will raise the money through a mix of debt and equity, Managing Director Narender Surana said in phone interview yesterday from Secunderabad, where the company is based. It is in talks with Middle East and Indian investors for fundraising, he said.
Surana plans to set up two 5-megawatt solar power projects near Hyderabad through its newly formed subsidiary, Surana Solar Systems Pvt. Ltd., he said. About $15 million of the cash will be spent on commissioning the expansion of its panel unit in Hyderabad and the rest on developing solar power projects, he said.
The shares of the company in Mumbai were trading at 33.55 rupees, down 1.1 percent at 2:53 p.m.