According to reports, Mumbai-headquartered Waaree group, a multi-technology company with prime focus on diversified solar energy solutions and industrial valves, is looking at Rs 300 crore in PE funds in two phases over the next one year. The company was expecting to raise Rs 150 crore of it over the next six months, Waaree group chairman and managing director Hitesh Doshi told Financial Chronicle on Thursday.
Waaree Energies, the group’s energy arm, which has an exclusive contract arrangement with Zucatti of Italy for manufacturing solar panels and other solar solutions in that country and marketing them in Europe, is now looking to replicate the same model in the US. “We will soon have a similar exclusive contract manufacturing arrangement in the US for our entire range of solar solutions,” Doshi said.
Significantly, the group has recently acquired 100 per cent stakes in the 108-year-old Italian industrial valve company Cesare Bonetti. “We look forward to engaging with Bonetti, manufacturer of critical valves and level gauge market. This relationship significantly substantiates the group’s strategic expansion plans. The association between Waaree group and Bonetti also keeps us well placed on a global level and as serious competitors in the valves and level gauge business. We expect to leverage this partnership and achieve another milestone in the ongoing implementaion of our strategy to focus on the key elements of our business,” Doshi added.
On the energy front, the company is betting high on its solar solutions business. “This business is growing at a CAGR of 160 per cent. We are extremely bullish about this. In the last fiscal, the solar business notched up a revenue of Rs 310 crore and in the current fiscal the projected turnover is Rs 800 crore,” he said.
Waaree Energies, which at present exports its solutions to countries like the US, Australia, Japan and Nepal, to mention a few, is also well set to explore newer geographies like Africa and Middle East shortly.
Waaree also has an independent power producer (IPP) company, Greentech Solar Power, which has built a 5 mw solar power plant at Kolayat, Bikaner under national solar mission (NSM) and will be put up another 25 mw solar plant in Tamil Nadu. “Our focus, however, will be on building solar plants for our clients. We have already put up 110 mw solar Plants for our clients and have already drawn up plans for putting up 200 MW of solar units across India over the next one year or so,” Doshi said.