TVS Capital, Summit Invest R52Cr In ReGen Powertech
by Irfan Khan
ReGen Powertech has raised R52Cr from TVS Capital and Summit FVCI - a fund advised and managed by MCap. TVS Capital has invested R37Cr for a 1.95% stake while Summit has invested R15Cr in the company valuing ReGen at R1,850Cr. M Cap, through Summit, will now hold around 3% in ReGen Powertech.
The funds will be used for expanding its manufacturing capacity at its Udaipur plant, as well as for project development.
This capital infusion is an extension of the round of funding that the company did in December 2011, and extending to January 2012. IDFC Private Equity and M Cap Advisors had invested R100Cr in that round, a transaction that valued ReGen at R1,600Cr.
Regen Powertech is a Chennai based wind turbine manufacturer promoted by Nuziveedu Seeds Group. The company has a strategic alliance with Vensys Energy AG and sells its wind turbines under a licence from and under the brand name of Vensys.
UltraTech Cement Ltd. which was trying to buy the cements business from Jaiprakash Associates Ltd in a $2.3 billion deal, has met some road blocks as the debt ridden Jaypee Group has been unable to meet certain financial commitments including clearing statutory dues and providing working capital for the plants under review.