XL Telecom announces Rs 11 bn investment
XL Telecom, the Hyderabad-based telecom and solar photovoltaic systems company, in a bid to expand in the non-conventional energy segment, is planning to invest Rs 11 billion over the next five-six years, reports Business Standard.
The expansion plan includes setting up a 120 mw solar cell manufacturing facility of Rs 2.65 billion, and augmenting capacity at its 100% export-oriented solar photovoltaic module plant from 25 mw to 65 mw, with an investment of Rs 400 million.
The project will start commercial production by July 2008. On completion, the company will become the largest producer of solar cells in the country catering to the European countries and the US, accounting for 2% of the global production.
The company might raise around USD 40 million by way of foreign currency convertible bonds (FCCBs) and issue of warrants to fund the expansion.
XL Telecom had tapped the capital market in December last year. It started production in April and is in the process of obtaining TuV approvals, a pre requisite for exports to Europe.
Shares of the company gained Rs 15.55, or 9.9%, to trade at Rs 172.65. The total volume of shares traded was 404,859 at the BSE (Monday).
