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IFFCO's power arm postpones Rs 600-cr IPO

IPO shelved as power arm received govt approval only in May

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Indian Farmers Fertiliser Cooperative Ltd (IFFCO) today said it has postponed the launch of Rs 600-crore initial public offering of its Chhattisgarh power project.

"It will take another one year to launch IPO," Managing Director U S Awasthi told reporters on the sidelines of a conference on cooperatives.

The proposed was to be launched in 2011-12 fiscal. It has, however, been delayed as its power subsidiary IFFCO Chhattisgarh Power Ltd (ICPL) has got the environment clearance only in May, this year, he said.

ICPL, which is a JV between IFFCO and Chhattisgarh State Electricity Board (CSEB), plans to raise Rs 600 crore from the capital market to fund its power project, he added.

The 1,320 MW coal-based power plant is coming up at Salka village in the Sarguja district of Chhattisgarh. The total investment is estimated at Rs 7544 crore with debt equity ratio of 70:30.

IFFCO is one of the largest producers of chemical fertilisers in the country. The cooperative has expanded its existing units, set up joint venture companies overseas and diversified into new sector.

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