SAEL to raise Rs1500 crore through bond issue

2 Sep 2022 , 08:51 AM

A Rs1,500 crore bond issue has been planned by waste-to-energy manufacturer SAEL, according to persons with knowledge of the situation. It has retained the services of legal firm Khaitan & Co. and investment bank Barclays as advisers on the matter.

The company’s capex plan, which will be spread over the next two years and total Rs10,000 crore, will be funded by the rupee bond offering. Due to instability in the global bond markets, the corporation had earlier planned to issue dollar bonds but had now canceled the plan.

The corporation with its headquarters in Delhi now has the largest capacity for generating waste-to-energy power, at about 160 megawatts. It produces electricity from the leftover stubble that results from the growth of rice. The corporation intends to construct 1 gigawatt worth of solar and waste-to-energy facilities in several states. Jasbir Alwa, the managing director and chairman of SAEL, declined to comment on the fundraising.

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