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IFFCO's power arm postpones Rs 600-cr IPO

IPO shelved as power arm received govt approval only in May

Press Trust of India  |  New Delhi 

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 Chhattisgarh Power Ltd (ICPL) has got the environment clearance only in May, this year, he said.

ICPL, which is a JV between 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.

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

First Published: Wed, July 04 2012. 17:05 IST