| Citing a promising future for the power sector in the country, Delhi-based Jaypee Group said that it would emerge as the largest hydro power player in the private sector by 2010 with a total installed capacity of 1,700 mw.
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| Jayaprakash Hydro-Power Limited (JHPL), a wholly-owned subsidiary of the Jayaprakash Associates Limited (JAL) which is part of the Rs 3,000-crore Jaypee group, is the first hydro power venture which runs a 300 mw hydel plant in Himachal Pradesh.
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| The Jaypee Group is scheduled to commission its second hydel project of 400 mw capacity in June 2006 and is expected to complete the 1,000 mw hydel project in 2010.
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| According to Suresh Kumar, director of the group, the two projects are being taken up by two different subsidiaries other than JAL.
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| Referring to JAL’s plans of offering 36.66 per cent stake in JHPL to public through a book-building route here on Thursday, Suresh Kumar said the prospective investors in the company can feel doubly safe as the construction of the project was already over.
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| The plant became operational in June 2003 with a 40-year power purchase agreement (PPA) with the Himachal Pradesh Electricity Board, he said.
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| The issue will open on March 22, 2005 and close on March 29, 2005.
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| The price band is set between Rs 27 and Rs 32 per share at a face value of Rs 10 each. |
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