CESC Q1 net up 4.8%, plans 200MW solar plant in Rajasthan

RPG Enterprises flagship, CESC Ltd, today reported a net profit of Rs 110 crore for the first quarter of 2010-11, a rise of nominal 4.76 per cent over the corresponding period last year.

Profit rose marginally but net sales was up by 33 per cent to Rs 1,082 crore during the quarter, compared to Rs 809 crore registered in the corresponding quarter of 2009-10.

Meanwhile, talking to reporters on the sidelines of the annual general meeting (AGM), vice-chairman Sanjiv Goenka said the company is moving ahead with a solar power project in Rajasthan and initially the size could be 200MW.

"We have already acquired 200 acres near Bikaner in Rajasthan and so we can go ahead with the 200-MW plant, but in the next five to seven years it could be increased to 1,000 MW," he said.
    
The solar power project will involve about Rs 1,600 crore and it would be financed in a mix of debt and equity
    
"The project will be finalised in the next 2-3 months and we are talking with technology partners," Goenka said.
    
CESC yesterday had achieved the financial closure of 600 MW thermal power at Haldia, which is coming up in 298 acres at a cost of Rs 3,000 crore.
    
CESC had tied up a capital of Rs 2,400-crore debt through banks for the Haldia plant.
    
In 2013, CESC will add 1200 MW from Haldia (600MW and Chandrapura 600 MW), Goenka said. CESC has plans to set up power plants in Bihar, Orissa and Jharkhand.
    
Speaking about Spencer's retail, a subsidiary of CESC, Goenka said during the year the retail chain will add two lakh square feet of space and is aiming a turnover of Rs 950 crore during the current fiscal.