Rays Power Experts is planning to raise funds of Rs 400 Crs from private equity firms.
According to sources, company is in discussions with Blackstone & Gujarat Venture Finance among others.
Rays Power sets up solar parks and provides services ranging from land identification to acquisition, supplying of solar panels and accessories, site infrastructure and maintenance, as well as installation and commissioning of projects.
The company is now looking to build its own solar plants and has commissioned a 100-MW solar project at Bikaner in Rajasthan. Rays Power Experts reported profit after tax of Rs 10.7 crore and revenue of Rs 230 crore in the financial year ended March 31, 2014, according to documents filed with the Registrar of Companies.
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