IDFC PE invests Rs.4,000 million in Suzlon subsidiary

MUMBAI: SE Forge, a subsidiary of Suzlon Energy, has raised equity investment of Rs.4,000 million from IDFC Private Equity.

The company has established two facilities - a 120,000 MT foundry unit in Coimbatore and a 42,000 rings p.a. ring-rolling forging facility in Vadodara. The company intends to use the equity investment by IDFC PE to fund these capacities.

The move is planned to establish a separate and independent identity of SE Forge for its customers, investors, and allow the company to grow with a business vertical in the specialized components for the wind industry. YES BANK was the sole advisor to SE Forge for this transaction.

���The wind energy sector across the world is facing an acute shortage of high quality forging and casting components. That is why we had decided to set up state-of-the art facilities catering to the highest standards of the global wind industry���s requirements. Of course, our group companies will also benefit by getting access to high quality products. With IDFC���s participation, SE Forge is set to grow into an industry powerhouse to meet the demands of a growing high-demand marketplace,��� said Tulsi Tanti, director, SE Forge; and chairman, Suzlon Energy.

���This investment fits very well with our theme of partnering excellent entrepreneurs to de-bottleneck the factors which hamper the infrastructure growth,��� said Luis Miranda, president and chief executive officer, IDFC PE that is focussed on infrastructure sector.