Asia Pacific Capital through its Mauritius-based entity, Everest Capital (M) Limited has invested $15 Mn (Rs.68 Cr) for 15% stake in Mumbai-based 
Birla Surya Limited, a Yash Birla Group Company.
Birla Surya Limited manufactures multi crystalline silicon solar photovoltaic cells, fabrication of multi-crystalline silicon wafers and other related products, using solar grade silicon in India.
Nishith Desai Associates acted as legal counsel to Asia Pacific Capital for this transaction.
Transaction Reference: Dealcurry.com
Birla Surya plans to invest Rs.5,400 Cr over the next five years to manufacture solar equipments in Maharashtra.
It will set up units to manufacture multi-crystalline solar photovoltaic (PV) cells and fabricate multi-crystalline silicon wafers at Rajewadi in Satara district and would start commercial production by December 2011.
BSL will invest Rs.1493 Cr in Phase I and have a capacity of 60 mw for PV cells and 125 mw for wafers. To finance the first phase, it has raised Rs.970.50 Cr of debt, from a consortium of 11 domestic lenders, with a tenure of 10 years with average interest rate of 14.5%.
Company is targeting a capacity of 1,200 mw of wafers, 1,000 mw of PV cells and 750 mw of modules. It has signed contracts with leading technology suppliers like Roth & Rau AG of Germany, GT Solar of USA, Herbert Arnold GmbH & Co KG of Germany, RENA GmbH of Germany.
In 2008, Everest Capital (M) Ltd along with Citi Venture Capital International (CVCI) invested in pharmaceutical firm Nectar Lifesciences.
Government has recently launched the ambitious National Solar Mission with a target capacity of 20 gigawatts by 2022.
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Tags
Everest Capital (M) Limited ,
Yash Birla Group ,
Birla Surya Limited ,
Nishith Desai Associates ,
Asia Pacific Capital ,
Citi Venture Capital International ,
CVCI ,
Nectar Lifesciences ,
National Solar Mission ,
,
KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
| 06/07/11 |
Birla Surya - Everest Capital (M) Ltd (Asia Pacific Capital) |
Private Equity |
Everest Capital (M) Limited |
15.00 |
| Date | Type | Buyer | Target | Size ($mn) | State |
| 02/05/12 |
Private Equity |
Zephyr Peacock India |
Flareum Solar Technologies Private Limited (Formerly Gadhia Solar Energy Systems Private Limited) |
1.00 |
Planned |
| 02/05/12 |
Private Equity |
International Finance Corporation |
Mahindra Suryaprakash Limited |
15.90 |
Planned |
| 02/05/12 |
Private Equity |
International Finance Corporation |
Solarfield Energy Two Private Limited |
10.10 |
Planned |
| 25/04/12 |
Private Equity |
International Finance Corporation |
Inox Renewables Limited |
130.00 |
Planned |
Fund |
| Name | Corpus | Target Sector | Website | KeyContact |
| Everest Capital (M) Limited |
|
Sector Agnostic |
|
|
Company |
| Name | Promoters | Office | Competitor | Website |
| Birla Surya Limited |
Yashovardhan Birla |
First Floor, Dalamal House, J.B Nagar, Nariman Point. |
|
www.yashbirlagroup.com |
