Regen Powertech gets Rs 52 crore from TVS Capital, Summit
Regen Powertech, a Chennai-based wind turbine manufacturer, promoted by the Nuziveedu Seeds Group received Rs 52 crore from TVS Capital and existing investor, Summit FVCI. The funds will be used for expanding its manufacturing capacity at its Udaipur plant, as well as for project development.
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Regen Powertech, a Chennai-based wind turbine manufacturer, promoted by the Nuziveedu Seeds Group received Rs 52 crore from TVS Capital and existing investor, Summit FVCI. The funds will be used for expanding its manufacturing capacity at its Udaipur plant, as well as for project development.
Regen’s existing investors include M Cap Fund Advisors which invested Rs 37 crore for a 1.95 percent stake, while Summit with an investment of Rs 15 crore, valuing the company at Rs 1,850 crore. M Cap, through Summit, will now hold around 3 percent stake.
Regen had done an early round of funding in December 2011, extending to January 2012, during which IDFC Private Equity and M Cap Advisors invested Rs 100 crore, valuing the company at Rs 1,600 crore.Regen Powertech has a strategic alliance with Vensys Energy AG and sells its wind turbines under a licence from and under the brand name of Vensys. Regen also provides turnkey solutions for wind power projects that include a consultancy, manufacturing, supply, erection, commissioning, operations and maintenance services of wind turbines. It manufactures gearless 1500 KW wind power generators and is currently executing orders for 50 MW projects for Tata Power, Compsgreen Infra, Bhilwara Group, a 100 MW project for New Power and Gail, and a 25 MW project for TVS Energy.
Everstone Capital invested $26.60 million in Regen Powertech through its maiden fun - Indivision India Partners - in October 2007. Prior to this deal, Nuziveedu held 42 percent in the company, while Madhusudhan Khemka and R Sundaresh owned 21.5 percent, while Everstone Capital owned close to 35 percent stake in the company.
Regen Powertech is also planning a Rs 400-500 crore IPO in 2012. It was reported that General Atlantic, a global growth equity investor, could invest up to $32.84 million. Invite your friends and family to sign up for MC Tech 3, our daily newsletter that breaks down the biggest tech and startup stories of the day
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