The country's largest renewable energy solutions provider 'Suzlon Group', signed an agreement with government company REC Limited for working capital facilities. Under the agreement, Suzlon Group will be able to meet its current order book and working capital to fulfil its future order pipeline.
Purpose of partnership
On Tuesday, Suzlon Group said that the purpose of the partnership is to increase the company's ability to meet its working capital needs. Suzlon Group claims to have an impressive 20.3 gigawatt (GW) wind energy capacity in 17 countries and operates 14 manufacturing facilities in India.
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Suzlon shares performance
Meanwhile, Suzlon shares remained volatile on Tuesday, In early trade, the shares price fell 1% to a low of Rs 36.8, later they closed at Rs 37.48. Earlier this year, Suzlon shares had touched the 52-week high of Rs 44 on November 17 itself.
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The stock has given strong returns to investors in just 8 months. On a year-to-date basis, Suzlon has given returns of around 250 per cent.
REC Limited
REC Limited has been classified as a 'Maharatna' company. This company comes under the administrative purview of the Ministry of Power. It specializes in providing long-term financial solutions including loans to different institutions in the infrastructure sector of the country.