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Our Bureau

Hyderabad, Nov 23

Telecom products and solar panel maker XL Telecom has achieved ‘financial closure’ for its Rs 300-crore expansion project slated to go on stream in June 2008.

The company concluded a $40-million foreign currency convertible bond (FCCB) issue in October and has received in-principle clearance for a Rs 140-crore debt led by IDBI, according to the Executive Director of XL Telecom, Mr Vasudeva Rao.

Speaking to Business Line, Mr Rao said that earlier this week the company concluded tying up its finances and has enlisted the services of Ruth and Rau of Germany as technology partner for the turnkey solution. The plant and machinery for 120 MW solar cell manufacturing unit would be erected by April 2008 and is set to go on stream in June 2008. Alongside, the company is expanding its module making capacity by another 40 MW.

The 40-MW fully automated plant is poised to come up in a special economic zone. The company is awaiting clearance from the Andhra Pradesh Government.

Mr Rao said that the company has received fresh order valued at Rs 65.8 crore for export of solar panels mainly to Spain and is negotiating more deals in the European Union.

The company now commands order book of Rs 263 crore and recently secured certification from TuV of Germany that would help the company execute more EU orders. “We have become the first company to receive TuV certification in India,” he said.

Referring to the company performance, Mr Rao said that during the first quarter ended September 30, the company registered revenues of Rs 150 crore and expects to close the financial year with a turnover of Rs 650 crore on conservative estimates.

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