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| JSW Energy to enter capital market soon |
| Press Trust of India / Hyderabad Oct 09, 2009, 21:46 IST |
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JSW Energy proposes to enter the capital market with an initial public offering (IPO) to raise nearly Rs 3,000 crore in the near future.
Talking to media persons here today, Krishna Deshika, Joint Group CFO of JSW Energy, said Rs 2,134 crore from the IPO proceeds would be infused in the company, while the rest would be used to clear loans.
The total investment in the power projects under construction and implementation by the company has been pegged at around Rs 14,048 crore, of which Rs 9,979 crore is expected to be funded through debt, he said.
He said the company recently commissioned a 600 Mw power plant in Vijayanagar, Karnataka and a 135 MW plant in Barmer, Rajasthan. With the recent addition of 735 MW, the company now has a 995 Mw generating capacity.
JSW Energy's power generation capacity is likely to go up to 3,140 MW by April 2011 and 11,390 Mw by September 2015.
The new plants will be located in Karnataka, West Bengal, Jharkhand, Rajasthan, Maharashtra, Himachal Pradesh, and Chhattisgarh, Deshika said.
JSW Energy has entered into a joint venture with Chennai-based Toshiba Corp for making turbines for 3,000 Mw plant and the work on it will start by December. The total investment in the JV is about Rs 1000 crore out of which JSW will invest Rs 250 crore, he added.
JSW Group is in steel, energy, aluminium, infrastructure and cement businesses. JSW Aluminium is setting up a 1.4 mtpa aluminium refinery project in Vizianagaram district, Andhra Pradesh, with an investment Rs 4,400 crore.
Bauxite required for the project will be supplied by Andhra Pradesh Mineral Development Corporation (APMDC), he said.
Group is setting up 5.2 mtpa cement plant, of which 3.1 mtpa will be in Nandyal, Andhra Pradesh, and 2.1 mtpa in Vijayanagar, Karnataka, he added.
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