Vadodara-based Diamond Cables will raise Rs 228 crore from GE Capital and Clearwater Capital Partners to expand operations."The company is expanding manufacturing and adding a HT power cables and LT cables facility at Vadodara at an estimated cost of Rs 68 crore. The facility shall be in operation in January 2008 and June 2008, respectively. In order to finance the project and raise long-term working capital, the board has, in-principle, approved a proposal to accept a loan of Rs 68 crore from GE Capital," the company said in a statement to the Bombay Stock Exchange (BSE) today. The loan is for a 5-year period with a moratorium of one year. On completion of the project, the company would be among the top three power cables manufacturer in the country, the release added.The board has also approved a Rs 160 crore loan from Clearwater Capital Partners of which Rs 90 crore would be repaid in one year and the remaining in five years.
