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| Surana to set up 5Mw solar farm in AP |
| B Krishna Mohan / Chennai/ Hyderabad Mar 24, 2009, 00:47 IST |
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Surana Telecom and Power Limited (STPL), part of the Surana Group, is planning to set up a 5Mw solar farm in the state. The project would require an investment of about Rs 100 crore, according to Narender Surana, managing director of STPL.
Speaking to Business Standard, he said the company was seeking clearance for the project from the government. “There is no debt on the company and we would be able to raise the money through foreign currency convertible bonds (FCCBs) or other channels for the project,” he said.
He did not specify the project site but said the solar farm would come up on company’s own land.
The Surana group, which has been making telecom cables for long, recently entered the business of power cables, house wiring cables and fire-resistant cables. The group is also making solar modules, panels and cells, solar street lights and solar houselights.
STPL last year registered a turnover of Rs 60 crore and is expecting to close the current fiscal with Rs 90 crore. However, the profits for the last three quarters have declined. The company registered a net profit of Rs 9.51 lakh in the quarter ending December 31, 2008, as against Rs 2.31 crore in the corresponding period previous year. "We expect the fourth quarter of this fiscal and the first quarter of the next fiscal to be better on the back of rising demand for power cables and house wiring since January as compared with November-December,” he said.
Meanwhile, Surana Ventures Limited, another group company, will start operations at the Fabcity, the solar and semiconductor hub, in a month. The company is investing about Rs 300 crore in a 60 Mw plant in the cluster. It would attain full capacity in phases.
The group has already secured the approval from Eurotest, Italy, a certifying body, for exporting solar modules and panels to European countries. It is appointing distributors in Europe and West Asia to market solar as well as other products.
The group, which had a turnover of Rs 300 crore last year, has put on hold plans to launch a lifestyle magazine now. “The market is not conducive for a media foray. Nobody wants to spend now,” Surana said.
The group has also differed plans to take up new projects till markets stabilise and is working to complete about 300,000 sft construction happening around Madhapur and Hyderabad international airport. “There are no takers now despite property prices coming down 15-20 per cent,” he said.
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