Suzlon Energy Ltd, one of India's largest wind turbine manufacturers, said on Monday sting Rs 1,500 crore (Rs 15 billion) to expand its manufacturing facilities with an aim to achieve over 40 per cent revenue growth this year.
The Pune-based company also announced bagging a Rs 1,190 crore (Rs 11.9 billion) order from US-based John Deere Wind Energy to supply 247 MW of wind turbine capacity, taking the total order-book in hand to about Rs 5,777 crore (Rs 57.77 billion).
"We are investing about Rs 750 crore (Rs 7.5 billion) at our Baroda and Coimbatore forging and foundary plants and another Rs 750 crore (Rs 7.5 billion) at Udupi to set up a greenfield turbine manufacturing facility," Suzlon Chairman Tulsi Tanti told reporters.
He said the company would borrow about Rs 1,000 crore (Rs 10 billion) from domestic and international markets over the next 18 months to meet the funding requirements of the two projects, while the balance Rs 500 crore (Rs 5 billion)
would be raised through internal accruals.
The Udupi plant would have a production capacity of 1,500 MW, he said, adding this would take the company's total production capacity to 4,200 MW.
The company currently has a capacity of 2,700 MW, including 600 MW each in China and the US where the facilities have been commissioned.
Asked what kind of growth the company was expecting this fiscal, Tanti said, "The global market is growing at 25 per cent. But the markets where we operate such as India, China, US and eastern Europe are growing at 40 per cent and we hope to grow faster than that in topline."
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