Diamond Power Infrastructure Limited has raised R440Cr debt to fund the expansion project aggregating to R753Cr, which is to be completed in three phases.

The funding is a mix of rupee term loan/ECB loan and suppliers credit aggregating to R440Cr and remaining will be financed through internal accruals.

Diamond Power proposes to expand its current manufacturing setup for producing conductors and medium voltage cables at Vadodara. The company is already investing R50Cr in 6.3 Mw in Windmill project which is expected to go on stream in March 2012.

Diamond Power is a power equipment manufacturer and EPC contractor. It manufactures various types of power equipment such as cables, conductors, transformers among others.

Diamond Power plans to expand its conductors manufacturing capacity to 1,50,500 MT p.a from current capacity of 50,500 Mt p.a. It also proposes to increase its rod manufacturing facility to 1,22,000 MT p.a. from the present 32,000 Mt p.a.

In case of medium voltage cables, te company proposes to put up additional 3 lines, each with installed capacity of 2500 Kms.

Performance on BSE

Last April, Diamond Power acquired a strategic stake in Bhubaneshwar-based Utkal Galvanizers Ltd, company engaged in designing and commisisoning of EHV transmission towers, substations and other lattice structures for high voltage power transmission to the power sector companies.

PE players like Clearwater Capital, Kotak Mahindra have also invested in Diamond Power.

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