JOIN US Renewable energy solutions provider Suzlon Group has received an additional sanction of working capital lines (substantially non-fund based) of around Rs 2,300 crore (around $344 million) to meet its requirements for execution of sizable order backlog and pipeline.
The working capital will enable Suzlon to scale up its volumes. The additional working capital sanctions are over and above the existing working capital facilities of around Rs 4,300 crore (around $644 million). These facilities will be catalyst to help Suzlon tap the growth opportunities in Indian and international markets, the company said.
“The additional working capital facilities sanctioned by our bankers will help fuel Suzlon’s business growth and enable us to ramp up volumes rapidly. Our improved credit rating to investment grade helps us in getting timely and cost-effective finance. It will also enable us to capitalise on enormous opportunities in the renewable sector in India,” Suzlon chief financial officer Kirti Vagadia said.