The fund raise will go towards meeting working capital requirement for solar module plant in Mundra.
- Vikas Srivastava
27 Jul 2023, 08:47 PM IST
27 Jul 2023, 08:47 PM IST
27 Jul 2023, 08:47 PM IST
(Source: Unsplash)
Adani New Industries Ltd. has raised a trade finance facility of $394 million, or Rs 3,231 crore, from Barclays Plc. and Deutsche Bank AG.
The funds will be utilised to meet the working capital requirements of its integrated solar module manufacturing facility, the company said in a statement on Thursday.
The company is setting up a 10-GW integrated solar module manufacturing ecosystem at Mundra. The work on the 30,000 million tonne per annum polysilicon and monosilane solar module facility in Mundra started in December, when the construction work was awarded to Engineers India Ltd.
The Mundra plant will play host to the entire solar manufacturing ecosystem, from polysilicon to modules, including ancillaries and supporting utilities.
The wholly owned subsidiary of Adani Enterprises Ltd. is additionally building an ecosystem for one of the largest integrated green hydrogen businesses that would include wind turbine manufacturing along with solar modules.
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