SWELECT Wins Rs 2.9 Billion via Private Placement with India Infradebt

18 Mar 2025 CW Team

SWELECT Group has raised Rs 2.9 billion through non-convertible debentures (NCDs) in a private placement with India Infradebt. The funding, backed by a portion of its solar power assets, has released Rs 2.6 billion in cash collaterals, which will be reinvested to expand its independent power producer (IPP) portfolio to 1 GW by 2026-27. SWELECT Energy Systems, the group's solar module manufacturing arm, has also secured orders exceeding 150 MW for its TOPCon bifacial solar modules. In December 2024, the company proposed raising Rs 1.38 billion by issuing 1,385 NCDs with a face value of Rs 1 million each through private placement. These secured, unlisted, rated, redeemable, non-cumulative, taxable NCDs have a 12.5-year tenure with an average interest rate of 9.5%. Additionally, SWELECT's board has approved the conversion of Rs 400 million in loans into 4 million preference shares at Rs 100 each for its subsidiary, SWELECT HHV Solar Photovoltaics. To support its solar expansion, the company plans to establish four wholly owned subsidiaries, SWELECT Sunpower Plus, SWELECT Solarkraft, SWELECT GP, and SWELECT SE. each with an initial paid-up capital of Rs 100,000. Recent Developments SWELECT Energy Systems recently won 100 MW capacity in Solar Energy Corporation of India's (SECI) auction for manufacturing and supplying domestically produced solar modules, with an evaluated bid value of Rs 22.66/Wp. Meanwhile, global corporate funding in the solar sector reached $26.3 billion in 2024, marking a 24% year-over-year decline from $34.4 billion in 2023, according to Mercom’s Annual and Q4 2024 Solar Funding and M&A Report. Global venture capital and private equity funding in the solar sector also fell 36%, reaching $4.5 billion in 60 deals, compared to $7 billion in 70 deals in 2023. (mercom)

Infrastructure Transport

01 Jun 2026

MMRDA advances 250 m on Orange Gate–Marine Drive tunnel

The Mumbai Metropolitan Region Development Authority (MMRDA) has completed 250 m of underground tunnelling for the Orange Gate–Marine Drive Urban Road Tunnel using India’s largest slurry shield tunnel boring machine (TBM) deployed for an urban road project.The project involves twin tunnels extending over 7 km beneath critical transport corridors, including Central Railway, Western Railway and Metro Line 3. The work requires high-precision engineering to navigate densely developed urban infrastructure.Once completed, the tunnel is expected to reduce travel time between Orange Gate and Marin..

Hindustan Zinc Pays Rs 188.46 Billion in FY26

Hindustan Zinc contributed Rs 188.46 billion to the public exchequer in FY 2025-26, according to its 9th Tax Transparency Report. The contribution, equivalent to 46 per cent of the company’s revenue, included direct and indirect taxes, government royalties, dividends to the Government of India, withholding taxes and other statutory levies.The company’s five-year cumulative contribution to the exchequer stood at Rs 915.72 billion. In FY26, Hindustan Zinc reported revenue of Rs 408.44 billion, EBITDA of Rs 221.62 billion and profit after tax of Rs 138.32 billion. It also achieved its highest..

World of Concrete India 2026 Opens in Mumbai

Informa Markets in India will host the 12th edition of World of Concrete India 2026 from 3–5 June 2026 at the Bombay Exhibition Centre, Mumbai. The specialised B2B exhibition will bring together manufacturers, suppliers, contractors, developers, architects, consultants, infrastructure companies, project leaders and government stakeholders.The event is expected to feature over 350 brands and more than 18,000 trade professionals. It will cover concrete and cement, dry mortar, precast technologies, formwork, construction chemicals, industrial and commercial flooring, scaffolding, safety solutio..