Gensol Engineering secures $108 mn in equity funding

08 Feb 2024 CW Team

Gensol Engineering, a solar engineering and consulting firm, successfully garnered Rs 9 billion (~$108 million) in equity capital through convertible warrants on a preferential basis. The funding round witnessed participation from both international and domestic investors, including the Elara India Opportunity Fund, Aries Opportunities Fund, and Tano Investment Opportunities Fund.

Anmol Singh Jaggi, the Chairperson and Managing Director at Gensol, emphasised the company's commitment to financial excellence and its role in India's transition to green energy and clean mobility. The capital infusion is intended to bolster Gensol's financial standing, supporting initiatives such as working capital enhancement, pursuing inorganic growth opportunities, and further investment in subsidiaries. The proposed capital raise is contingent on shareholder approval at the extraordinary general meeting scheduled for March 2, 2024, and compliance with SEBI Regulations.

Gensol, operating in solar engineering, procurement, construction (EPC), electric vehicle leasing, and manufacturing, aims for a substantial fivefold growth over the next three years. The company has recently installed ground-mounted and rooftop solar power plants, boasting a combined capacity exceeding 600 MW.

The firm's financial performance has been noteworthy, evident in its net profit of Rs 123.1 million (~$1.5 million) in the third quarter of 2023, marking a significant 78% year-over-year increase from a previous net loss of Rs 19 million (~$228,578). This positive trend is attributed to a surge in EPC orders received by Gensol.

In October of the preceding year, Gensol secured a Rs 3.02 billion ($36.3 million) solar EPC contract for a 62 MW solar project from Maharashtra State Power Generation Company. Additionally, earlier this year, the company secured a Rs 1.39 billion (~$18.06 million) EPC contract from Sarda Energy for a 33 MW captive solar power project.

Infrastructure Transport

12 Mar 2026

Kavach 4.0 Commissioned on Delhi–Mumbai and Delhi–Howrah

"Kavach version four has been commissioned on 1,452 route km, covering the high density Delhi–Mumbai and Delhi–Howrah corridors. The rollout included laying 8,570 km of optical fibre, installation of 1,100 telecom towers, deployment of trackside equipment over 6,776 RKm and establishment of 767 station data centres. Trackside implementation has been taken up on 24,427 RKm covering Golden Quadrilateral, Golden Diagonal and High Density Network sections. The programme aims to strengthen signalling and train protection on key routes.Kavach is an indigenously developed automatic train protecti..

Railways Advance Kalyan–Murbad Line And Mumbai Capacity Expansion

"Indian Railways is advancing multiple rail infrastructure projects in Maharashtra, including the sanctioned Kalyan–Murbad new line and sizable investments under the Mumbai Urban Transport Project and the Mumbai–Ahmedabad High Speed Rail project. The Kalyan–Murbad 28 km new line has been sanctioned at Rs 8.36 billion (bn) on a 50:50 cost-sharing basis with the Government of Maharashtra and has been declared a Special Railway Project for land acquisition; proposals covering 214 hectares are at various stages of acquisition. Budgetary outlay for projects falling fully or partly in Maharash..

Parliamentary Panel Flags Funding Gaps in Heavy Industries

"The Department-Related Parliamentary Standing Committee on Industry (Rajya Sabha) presented its 332nd report on the Demands for Grants 2026-27 of the Ministry of Heavy Industries (MHI). Figures converted from crore and lakh are expressed in million (mn). The Budget Estimates 2026-27 for the Ministry stand at Rs 79,399 mn against a projected requirement of Rs 94,843.2 mn, a shortfall of about 16 per cent, with revenue at Rs 79,370.8 mn and capital compressed to Rs 28.2 mn from Rs 5,020 mn.The committee flagged recurring BE-to-RE compression and declining revised estimate utilisation, and calle..