Singapore based Oxley Group is investing R160Cr for a 14.5% stake in wind power generation firm - Ushdev International Ltd.

Ushdev is issuing 5mn fresh shares of R10 each at a premium of R310 on a preferential basis to Ushdev International.

The funds will be used to partly fund the expansion project, to strengthen the company's financial position and meeting the working capital requirements of the company.

Ushdev International was founded by Late Vijay Gupta as a steel trading firm. The core activity of Ushdev is trading of steel, raw materials and non-ferrous metals. It clients include Glencore, ArcelorMittal, Jindal Steel, Hindalco, Sterlite and Sumitomo Metals among others.

Over the years, UIL has also invested in wind power generation. Currently, UIL has 34 wind energy generators with a total capacity of 30.83 MW installed in the states of Tamil Nadu, Karnataka, Rajasthan, Gujarat and Maharashtra.

Ushdev on BSE


According to Livemint, the company was talking to private equity investors to raise $20-$40Mn to fund it's expansion plans. It is planning to acquire domestic wind farms and foray into mining.

The company is also planning to buy stakes in overseas mines for nickel, coal, iron ore and rare earths. It is targeting Indonesia and Australia for coal, Sudan for iron ore and nickel, Mangolia for gold and rare earths and is scrutinizing several proposals from mine owners from these countries.

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