Hitachi Energy India has successfully raised INR 20 billion through a Qualified Institutional Placement (QIP), which was subscribed twice over. The offering, reportedly the largest of its kind this calendar year, was priced at an indicative INR 11,507 per share, with an option to increase the issue size to INR 30 billion.
The funds will be directed toward investment plans, including expanding manufacturing capacity, strengthening supply chains, and enhancing the company’s workforce in India. This initiative aligns with Hitachi Energy’s broader strategy to support India’s energy transition.
In October 2024, Hitachi Energy announced plans to invest INR 20 billion over the next four to five years to expand its transformer manufacturing capacity and portfolio. The company intends to invest INR 4 billion annually during this period.
The recent QIP saw participation from notable institutions, including Norges Bank and various domestic insurance firms. Proceeds from the QIP will be used for capital expenditure, working capital, and general corporate purposes.
In the December 2024 quarter, Hitachi Energy India reported a net profit of INR 137.4 crore, a significant increase from INR 22.97 crore in the same period the previous year. Revenue from operations rose by 27.16% to INR 1,620.27 crore during this period.
These developments underscore Hitachi Energy India’s commitment to enhancing its operational capabilities and supporting the country’s energy infrastructure growth.