January 15, 2016
Suzlon receives additional working capital sanctions of ~Rs. 2,300 crore (~USD 344 million) over and above the existing limits
- The sanction will help in to capitalize on the growth opportunities in the Indian and global renewable energy sector
Mumbai, India: Suzlon Group today announced that it has received an additional sanction of
working capital lines (substantially non-fund based) of ~Rs. 2,300 crore (~USD 344 million)
to meet its requirements for execution of sizable order backlog and pipeline. This will enable
Suzlon to scale up its volumes. The additional working capital sanctions are over and above
the existing working capital facilities of ~ Rs. 4300 crore (~USD 644 million). These facilities
will be catalyst to help Suzlon tap the growth opportunities in Indian and international
markets.
Mr Kirti Vagadia, Chief Financial Officer (CFO), Suzlon Group said, The additional working
capital facilities sanctioned by our bankers will help fuel Suzlons 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 capitalize on enormous
opportunities in the renewable sector in India.
The sanction reiterates the confidence of our lenders in Suzlons strategic vision, execution
capabilities and the positive environment in the Indian renewable energy sector.
Note: 1USD = Rs. 66.8078
