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Azure Power to use NYSE listing proceeds for organic growth

Azure Power to use NYSE listing proceeds for organic growth

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Delhi-based solar company – Azure Power – got listed on the New York Stock Exchange (NYSE) Wednesday, albeit with a tepid response. The company raised USD 136 million through the listing and private placements and plans to use majority of the proceeds to continue development of solar power plants in India says Director & CEO Inderpreet S Wadhwa in an interview to CNBC-TV18.

Azure, which has a presence in states like Punjab, Rajasthan, and Delhi, prefers to grow organically and targets 1,000 megawatt of operational solar capacity by the end of next calendar year, says Wadhwa who also featured on CNBC-TV18’s flagship show on entrepreneurship ‘Young Turks’. On why the company preferred to list on NYSE and local exchanges, Wadhwa said it was keeping in mind the lower cost of raising capital.

Source: CNBC-TV18

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Anand Gupta Editor - EQ Int'l Media Network

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