IFCI invests $6.7 million into Indian solar-power firm Titan Energy
IFCI Venture Capital has invested INR30 crore ($6.7 million) in Indian solar-module maker Titan Energy Systems Ltd., buying the firm a 12% stake in the company.
The financing, which comes as a nearly equivalent combination of equity and convertible debentures, is invested from IFCI's INR330 crore ($74.2 million) Green India Venture Fund, which focuses on companies setting up clean-development, commercially viable and environmentally sustainable projects. Other investments from the fund have gone into telco-parts maker Luminous Teleinfra, LED chip maker De Core Science & Technologies and solar-electric rickshaw manufacturer Innovative Modular Machines. Titan Energy Systems is expected to use the funding to bolster its manufacturing capacity by 50% by 2012.
News of the investment comes the same week IFCI said it would sell a nearly 10% stake in Indian pharma firm Marck Biosciences.
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