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| GMR bets further on power |
| Raghuvir Badrinath / Chennai/ Bangalore Feb 06, 2010, 00:38 IST |
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GMR Infrastructure, the Bangalore based infrastructure developer, is betting further on the power sector in India. The company has decided to raise the capacity of its thermal power project in Kamalanga in Orissa by 33 per cent to 1,400 Mw from the earlier 1,050 Mw.
GMR Infrastructure in India operates three power plants with a cumulative capacity of 800 Mw and has outlined plans to add 8 times this capacity and generate 6,700 Mw over the next five years costing around $6.5 billion. GMR is actively developing power projects with 2,000 Mw capacities in the states of Orissa and Chhattisgarh and another 1,200 Mw of hydropower projects in Uttarakhand, Himachal Pradesh, Arunachal Pradesh, and Nepal.
The project cost of the unit at Kamalanga is now at close to Rs 6,000 crore from the earlier Rs 4,500 crore. This is the second time that GMR is increasing the capacity of its project. GMR, during mid of last year, decided to add 750 Mw at its power plant in Andhra Pradesh which was generating around 390 Mw using gas involving a project cost of close to Rs 2,800 crore.
GMR Infrastructure during the third quarter of FY10 had acquired 70 per cent ownership interest in SJK Powergen Ltd (SJK), which is developing a 1,320 Mw coal based power plant in Madhya Pradesh. According to industry information, this project is being developed and the land and financial closure is expected during June 2010, while the coal linkages are expected by September. GMR for third quarter of the ongoing fiscal reported a 85 per cent drop in net profit as its 220 Mw barge mounted power project lay idle and is being moved to Kakinada.
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