Hyderabad: Mytrah Group, a city-based renewable power producer, on Monday said it has raised Rs1,800 crore from Piramal Group’s financial services companies.
The funds are being invested in the form of non-convertible debentures with a seven-year tenor into two Mytrah Group entities—Mytrah Energy (India) Pvt. Ltd (Rs980 crores) and Mytrah Ujjwal Power Pvt. Ltd (Rs 820 crores), Mytrah said in a statement.
The funds will be used to take out existing investors including IDFC Alternatives Ltd, AION Direct Singapore Pte. Ltd, Merrill Lynch International, Apollo Asia Private Credit Master Fund Pte Ltd, and Goldman Sachs Investment Holdings (Asia) Ltd with part of the facility also providing the required growth capital to the company, it said.
Mytrah has a 2,000 MW portfolio of assets that are operational or in various stages of construction. Mytrah Group CEO and managing director, Vikram Kailas, said, “This transaction is a tremendous vote of confidence from marquee investor. It marks another milestone in Mytrah’s journey and provides additional impetus for the firm’s next phase of growth”.
Mytrah Group joint MD and CFO, Shirish Navlekar, said, “The current transaction is yet another example of the kind of unique financing structures that Mytrah is recognised for. This transaction will enable us to further consolidate our resource base and pave a clear way for continued sustainable growth”.