Wind turbine maker Suzlon Group today said it has received an additional credit facility of Rs. 2,300 crore above the existing working capital lines to meet its requirements for execution of projects.
“It has received an additional sanction of working capital lines of Rs. 2,300 crore to meet its requirement for execution of sizeable order backlog and pipeline… the additional working capital sanctions are above the existing working capital facilities of Rs. 4,300 crore,” Suzlon said in a BSE filing.
These facilities will be catalyst to help Suzlon tap the growth opportunities in India and International markets, it added.
Suzlon Group CFO Kirti Vagadia said: “The additional working capital facilities sanctioned by our bankers will help fuel Suzlon’s business grwoth and enable us to ramp up volumes rapidly…it will also enable us to capitalise on opportunities in renewable sector in India.”
Shares of Suzlon Group were trading at Rs. 20.60 apiece, up 1.98 per cent, from their previous close on the BSE.
Source: Business standard