XL Telecom to expand solar photovoltaic module making plant

XL Telecom & Energy Ltd has announced that the Board of Directors of the Company at its meeting held on August 16, 2007, inter alia, has taken the following decisions:

1. The Board has approved for an investment of US $ 75 Million for the following 100% EOU projects:

(a) Expansion of the capacity of Solar Photovoltaic Module making plant from the existing capacity 25 MW to 65 MW.

(d) Establishment of Solar Photovoltaic Cell manufacturing plant with a capacity of 120 MW per annum.

2. To meet the above project costs the Board has approve the following:

(a) US $ 40 Million by way of FCCBs.

(b) Issue of warrants upto 52,50,000 to Promoters & others.

(c) To borrow money from Indian Financial Institutions / Banks by way of term loan upto Rs 140 Crores.

3. For the above purpose, it was also approved to call for an Extra Ordinary General Meeting.

4. The Board of Directors has also approved re-appointment of Mr. Annesh Mittal as Wholetime director.

Source : Equity Bulls

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