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New Delhi, Sept. 29 IDFC Private Equity on Monday announced it has picked up a 17 per cent equity stake in SE Forge Ltd, a subsidiary of wind turbine manufacturer Suzlon Energy Ltd (SEL), for Rs 400 crore.

SE Forge is into the manufacture of large forging and casting products catering primarily to the wind power industry. The company intends to use the equity investment by IDFC PE to fund green-field capacities, an official statement said.

On the investment, Mr Luis Miranda, President and CEO, IDFC PE, said: “This fits very well with our theme of partnering excellent entrepreneurs to de-bottleneck the factors which hamper the infrastructure growth; in this case, it is the wind energy industry. The wind energy sector is expected to maintain its high growth supported by strong tail-winds like increasing cost-competitiveness of wind energy, high crude prices, thrust for green power and support from governments.”

SE Forge has set up two facilities – a 1,20,000-tonne foundry in Coimbatore and a 42,000 rings a year ring-rolling foundry unit in Vadodara. Both the units are already commissioned and commercial production is expected to start from November.

More Stories on : Stocks | Non-conventional Energy | Suzlon Energy Ltd

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