SAEL to raise Rs 15 billion in debt

SAEL, waste-to-energy maker, has lined up a Rs 15 billion bond issue.

It has hired investment bank Barclays and law firm Khaitan & Co as advisers on the issue. The rupee bond issue is for meeting funding requirements for a capex plan of Rs 100 billion that the company has, which will be spread over the next two years. The company was earlier planning a dollar bond issue but shelved it due to upheaval in global bond markets. The company has the largest capacity of waste-to-energy power generation of around 160 MW at present. It uses stubble that is left as a by-product from rice cultivation to generate energy. The company has a plan to set up 1 GW of such waste to energy and solar projects across multiple states.