Bhilwara Energy to raise ₹500 crore for energy transition projects

Bhilwara Energy Ltd (BEL) has approved a fundraise of up to ₹500 crore, led by Singularity AMC, to accelerate its energy transition businesses. Singularity AMC, backed by investor Madhusudan Kela and led by Yash Kela, has signed definitive agreements for the investment.

The funds will support BEL in developing an integrated energy transition platform, HEG Greentech, focused on power assets, battery-grade anode materials, food-grade bottle-to-bottle recycling, graphene, and advanced battery systems for energy storage and electric vehicles.

BEL plans to utilise the investment for organic growth, new greenfield projects, and strategic acquisitions.

The graphite electrode manufacturer HEG demerged its graphite business into a new company, and the merger of Bhilwara Energy with itself in 2024. HEG reported a 90.9% year-on-year (YoY) jump in net profit at ₹83.4 crore for the third quarter that ended December 31, 2024.

Revenue from operations fell 14.9% to ₹478.4 crore in the Oct – Dec 2024. At the operating level, EBITDA was down 7.7% to ₹79.9 crore against ₹86.6 crore in Q3FY24. The EBITDA margin expanded to 16.7% in the reporting quarter compared to 15.4% year-on-year. EBITDA is earnings before interest, tax, depreciation, and amortisation.

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