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The purpose of the Initial Public Offer (IPO) is to raise resources of the company's photovoltaic solar cell manufacturing unit in a SEZ at Bhachau, in Gujarat. The plant, being built at a cost of Rs 178.03 crores, will have a capacity of 40MW per year.
"We will be raising Rs 66 crore through IPO, Rs 100 crore through debt and Rs 12 crore through internal accruals," said Chirag Shah, Director, Euro Multivision Limited.
For the plant and machinery required for the proposed photovoltaic unit, the company has a contract with OTB Solar B.V (The Netherlands), for selling and designing, delivering, installing, testing, and mechanically commissioning the solar cell production line at a fixed price of EURO 13,220,000.
"This new field of business is synergistic with Company's existing businesses and we will leverage on our core competencies in the areas of precision high technology, mass manufacturing, and project management," said Hitesh Shah, MD, Euro Multivision Limited.
The company has already acquired 28.75 acres of land for setting up the SEZ adjacent to the existing manufacturing unit at Bhachau, District- Kutch, Gujarat. The Company has also received its SEZ Notification on April 23, 2009 and the same was published in the Gazette of India.
By Rahul Kamat
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