When contacted, top Suzlon executives declined to comment on the issue. "It is too early to divulge any details related to our funding plans and nothing has been finalised yet" said an official.

However, informed sources said Suzlon has started the exercise. DSP Merrill Lynch and Citigroup are learnt to have been appointed as the bankers to the issue. The proceeds from the QIP may be used for replacement of debt, funding for capex or other requirements, they said.

Industry sources said the Suzlon issue might exceed the target as it is expected to generate good response particularly after the listing of its subsidiary, Hansen, with the London Stock Exchange on Friday. In that case, it may be the country's largest QIP issue., GMR Infrastructure [Get Quote] recently losed its Rs 2,000 crore (Rs 20 billion) QIP, so far the largest.

Hansen raised over euro 400 million (Rs 2,300 crore) from an IPO. At Friday's price, it is valued at nearly Rs 11,000 crore (Rs 110 billion), one-fifth of the market capitalisation of Suzlon.

Suzlon, which bought the German wind-power turbine maker REpower Systems in May for Rs 6,400 crore (Rs 64 billion), sought the shareholders approval two months ago on issuance of equity or quasi-equity up to Rs 5,000 crore (Rs 50 billion).

In India, Suzlon is in the process of investing Rs 2600 crore (rs 26 billion) in two years to augment its wind turbine manufacturing capacity to 5700 MW and become one of the top three wind turbine manufacturers in the world.

It is adding up capacities at four export-oriented special economic zones (SEZ) at Kandla in Gujarat to manufacture tower equipment, a forging facility at Vadodara, wind turbine and rotor blade manufacturing unit at Mangalore and a plant at Coimbatore to make control systems and generators.

Its subsidiary, Hansen, is setting up a Rs 1600 crore (Rs 16 billion) project to build an integrated manufacturing plant for the manufacture of wind turbine gearboxes at a Special Economic Zone in Coimbatore.

Winds of change

• The leading wind energy manufacturer recently listed its arm' on the  LSE
• DSP Merrill Lynch and Citigroup have been appointed as bankers to the issue
• Suzlon's domestic plans include investing Rs 2,600 crore in two years to augment capacity
• Its subsidiary, Hansen, is setting up a Rs 1600 crore project  at a Special Economic Zone in Coimbatore