Suzlon receives additional working capital sanctions of ~Rs. 2,300 crore over and above the existing limits
Suzlon Group recently announced that it has received an additional sanction of working capital lines (substantially non-fund based) of ~Rs. 2,300 crore (~USD 344 million) to meet its requirements for execution of sizable order backlog and pipeline. This will enable Suzlon to scale up its volumes. The additional working capital sanctions are over and above the existing working capital facilities of ~ Rs. 4300 crore (~USD 644 million). These facilities will be catalyst to help Suzlon tap the growth opportunities in Indian and international markets.
Mr Kirti Vagadia, Chief Financial Officer (CFO), Suzlon Group said, “The additional working capital facilities sanctioned by our bankers will help fuel Suzlon’s business growth and enable us to ramp up volumes rapidly. Our improved credit rating to investment grade helps us in getting timely and cost-effective finance. It will also enable us to capitalize on enormous opportunities in the renewable sector in India.