 "Kohli Ventures to commit upto Rs 1000 cr in solar project of Zynergy")
The firm has already made an initial investment of $5 million and has committed to bring in $100 million from diverse sources in equity, debt and other means into the company over next three years, said the company officials. This is the first investment of Kohli Ventures in Indian solar sector.
"Kohli Ventures is fully committed to this project and we are willing to commit upto a Rs 1000 crore over the next few years for this endeavour. We are also going to get Zynery some other contracts Middle East, Africa, Far East, Cambodia and many others," said Tej Kohli, chairman of Kohli Ventures. The company is looking at a long term investment and would stay with the solar firm to see the social benefits of the project, he added.
"We are the type of company that invest in disruptive technoloies, we believe in demonetisation, dematerialisation and democratisation. We are very selective in companies we back. We have backed some good companies and continue to look for good ventures. At this stage of our growth we are insisting that all our ventures not only have an economic benefit but also has a social impact. The company is here to assist Zynergy financially and expand globally, better governance etc," he added.
Speaking about Kohli Venture's investment strategy, he said that the it is looking at advanced technologies and also have a social aspect. The exit window could be five to 10 years or more. "We have to make the companies viable, ready to be sold to the public and only then we take a decision on IPO for an exit," he said.
The investment will boost Zynergy's expansion globally and would support the establishment of a manufacturing unit in Tirunelveli, Tamil Nadu with technoloy from Singulus, a Germany based fcompany. The company would focus on off grid products, which has a huge potential in the rural market of India, said Rohit Rabindernath, group MD and CEO of Zynergy Solar Projects & Services Pvt Ltd. The company, which started in 2011 with a focus on solar EPC projects and posted a turnover of Rs 4 crore in the first year, later refocused into off grid projects. It has complated implementation of over 50,000 rural homes through public private partnership.
The company is expecting a turnover of Rs 100 crore in 2015-16 and with the investments in place, plans to achieve a turnover of $500 million in five years. The future plans include expanding beyond roof top installations, adding focus to solar off rid industrial products, pumps and other products for rural application. It is expected to launch niche range of solar products for rural area, from the beginning of next month, which would be disruptive in the market and reduce the cost of products and energy.
It would also expand operations to solar modules, pumps and solar cell and plans to set up a manufacturing plant for 100 MW capacity in Tirunelveli. It would look at Pan India foot print and a global reach, he added. The company has earlier entered into a memorandum of understanding with the State government in the recently held Tamil Nadu Global Investors Meet for setting up of the facility for Rs 300 crore. The total investment would be in the tune of around Rs 400 crore, he added.