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| GMR initiates plans for 800-Mw, Rs 3,200-cr coal power plant |
| Raghuvir Badrinath / Bangalore Aug 21, 2009, 00:16 IST |
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GMR Infrastructure, the Rs 4,500-crore Bangalore-based infrastructure developer with a focus on power generation, airports development, highways and urban infrastructure, is understood to be initiating plans for an 800-Mw coal-fired power plant on the eastern coast of India.
Industry sources indicated that this power plant will be in the vicinity of its existing 388-Mw power plant at Vemagiri in Andhra Pradesh.
GMR Energy, the power vehicle which oversees the power projects of GMR Infrastructure, has three power projects under generation with a cumulative capacity of over 800 Mw and the company has announced plans to add another 4,200 Mw over the next few years, till 2015. In addition to these, the company is understood to have added 2,000 Mw to this plan by planning a 1,200-Mw plant on the west coast and another one with 800 Mw in Eastern India.
GMR Energy is the top revenue contributor to the group’s top line of Rs 4,500 crore, accounting for nearly 48 per cent, and has lined up an asset base of close to Rs 19,000 crore over the next few years. The company recently achieved financial closure for its 1,050-Mw, coal-based project in Orissa and has nearly achieved another closure for its 1,200-Mw plant at Chhattisgarh.
GMR is also expanding its Vemagiri power project in an effort to more than double the capacity. Of the 4,200-Mw addition, 2,250 Mw will be coal-based and 1,190 Mw will be hydro-powered, while another 750 Mw will be through natural gas.
These expansions would be on top of the two acquisitions, which GMR effected recently. The company added a 600-Mw project being set up in Maharashtra from EMCO. Prior to this, GMR acquired an 800-Mw natural gas-fired power project in Singapore.
GMR also has a 50 per cent stake in InterGen, a global power generation company. InterGen NV, has 7,700 Mw of gross operating capacity across five countries and an additional 2,800-Mw capacity under development.
Keeping these long-term power generation build-up, the company made two strategic acquisitions of coal mines in Indonesia and South Africa early this year. The group acquired a 100 per cent stake in a coal mine PT BSL, Indonesia for around $80 million, which has a mine life of approximately 25 years. The group has also acquired close to 34 per cent stake in Homeland Energy Group (HEG), a Canadian-listed entity which, through its subsidiaries in South Africa, owns a controlling interest in the already operational Kendel mines, fully-explored Eloff Mines and also other exploration areas with total mineable reserves of around 300 million metric tonnes.
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