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| TVS Group lines up Rs 1,800 cr for wind energy |
| T E Narasimhan / Chennai Oct 01, 2011, 00:57 IST |
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After making its presence felt in the automobile industry, TVS Group has its sight set on energy.
The $4-billion group has lined up Rs 1,800 crore to set up wind energy farms of 200 Mw over the next three years, according to a senior official of Sundaram Clayton Ltd (SCL), a holding company of TVS Motor Company, India’s third-largest two-wheeler manufacturer. SCL will fund the projects through debt, equity and internal accruals. It has already commissioned two projects in Tamil Nadu — a 9.35-Mw facility at Gandamanur in Theni and another 14.4-Mw at Vagaikulam in Tirunelveli. The new projects will be implemented by two special purpose vehicles, TVS Wind Power and TVS Wind Energy.
TVS Energy, a 100 per cent subsidiary of TVS Motor, infused Rs 4.10 crore and Rs 10.15 crore into the two SPVs, respectively. SCL also infused Rs 4.50 crore into TVS Energy. According to SCL’s balance sheet, TVS Energy had Rs 56.25 crore in capital and Rs 165.97 crore in total assets on February 8.
The official said TVS Housing, a 100 per cent subsidiary of TVS Motor Company, “will focus on low-cost housing. We are identifying land for projects”. The housing arm had an asset base of Rs 32.06 crore and liability of similar amount.
SCL today got shareholders’ approval to appoint 22-year Sudarshan Venu as a director. Sudarshan Venu is the son of Venu Srinivasan, chairman and managing director of TVS Motor.
SCL, a leading automobile components manufacturer, plans to achieve Rs 1,000 crore in revenue this financial year, compared to Rs 762 crore in the previous year.
Venu Srinivasan said the next 18 months were “very uncertain due to global scenario and rising interest costs and fuel prices will put pressure on the bottom line. All sections of the auto industry will slowdown. However, two-wheelers will buck the trend to see robust growth”.
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