CLP Power India to list on bourses in May 2011

Hong Kong-based CLP Group firm CLP Power India Pvt Ltd is aiming to hit the Indian capital market in May next year.

"We are going towards listing... We should be ready with the initial public offer (IPO) in the next 15 months," CLP Power India Vice-President Renewables Mahesh Makhija told PTI without divulging the amount the company is planning to raise through its IPO.

CLP Power is executing a 1,320-MW thermal power project at Jhajjar in Haryana. The project is expected to be commissioned by the end of 2011.

The company is also betting big on renewable energy and would be investing $800 million (over Rs 3,700 crore) to augment its power generation capacity from renewable resources to 650 MW by the end of this year (2010).

Of the total target, 346 MW is under construction, while 104 MW is operational. The company has also identified locations in Gujarat, Maharashtra, Karnataka and Tamil Nadu for building the remaining capacity.

The projects would be funded through a debt and equity ratio of 70:30. The company is in talks with various banks and financial institutions such as HSBC, IDBI, Power Finance Corp, Asian Development Bank, Bank of Baroda and Punjab National Bank for loans.