Dilip Shanghvi Family and Associates and Suzlon to form equal joint venture for wind farm development business. The joint venture will develop 450 MW wind farms within a stipulated period of time. Dilip Shanghvi Family and Associates to also assist in providing incremental project specific non-fund based working capital facility to Suzlon for execution of the said project.
Dilip Shanghvi Family and Associates to provide credit enhancement to the lenders of Suzlon for additional project specific working capital facilities. This move will help Suzlon in getting much needed working capital financing support and will be a catalyst for volume ramp up.
“We wish to additionally clarify that amount of Rs.400 Crores referred to in the Article appearing in Business Line of 1st May 2015 is merely a fair estimate of investment that may be required for setting-up of around 450 MW of windfarm projects in 50:50 joint venture, the fact which is already announced earlier,” said Suzlon.