Hero Future Energies Ltd, the renewable energy arm of the Munjals-led $5 billion Hero Group, has just received a $125 million equity investment from the International Finance Corporation (IFC), the private sector investment arm of the World Bank Group. The funding is part of the plan to rope in marquee investors to boost future growth plans, Chief Executive Officer (CEO) and Executive Director Sunil Jain told ETEnergyWorld in an interview. Edited excerpts..
Can you share some details of the latest investment deal with IFC?
Our company has so far been funded by family capital. We are probably the only company at present — barring the Tata Group – where the promoter family has invested over $125 million of own capital to set up such a large capacity. Going forward, because of our ambitious plans, we thought it is prudent to bring in marquee investors into the company who see value in the Group as well as into the management. And therefore, we are going to have an investment of around $125 million by IFC, an arm of the World Bank. Read More…
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