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Suzlon Group, the main supplier of renewable vitality options in India, has formally signed definitive agreements to safe working capital amenities with REC Restricted. The funds obtained by this association might be utilized to satisfy the working capital wants related to executing each present orders and the anticipated orders in Suzlon’s future pipeline.
This strategic transfer is anticipated to facilitate a extra fast scaling of the corporate’s operations and optimize the utilization of its put in capacities. Overcoming challenges associated to securing working capital lately, Suzlon has confronted constraints in growing volumes and increasing its order e-book. The approval of the present working capital facility by REC displays the numerous enhancement of the Firm’s monetary energy.
Himanshu Mody, Chief Monetary Officer, Suzlon Group stated, “We’re delighted to accomplice once more with REC Restricted, certainly one of India’s most interesting monetary establishments with a deep understanding of energy and renewable vitality sectors. REC has a transparent imaginative and prescient to help India’s bold renewable vitality targets and has supported the Firm’s initiatives prior to now by debt refinancing, serving to us develop into debt free. The present facility is non-fund primarily based, which can primarily be off-balance sheet preserving us debt-free whereas considerably enhancing industrial phrases with our buyer and suppliers. This facility is rolling in nature and can permit the Firm to execute present and future orders from its marquee prospects.”
