GMR to invest Rs 10,000 cr for N-power plant

GMR Energy today said it plans to invest over Rs 10,000 crore in setting up a 2,000-3,000 MW nuclear power plant in the country in the next 5-7 years. "We have held talks with equipment as well as fuel suppliers and will firm up a plan in the next one years time," GMR Energy Executive Vice-President, Avinash R Shah, told reporters here.

GMR Energy is a unit of GMR Infrastructure.

Shah said the company has hired "very experienced people" from state-owned Nuclear Power Corporation, including former Chairman and Managing Director, M R Srinivasan, for its nuclear foray.

"Right now it is at planning and preparation stage. In the next six months to one year, we should have a broad plan in place," he said. GMR is in talks with equipment and fuel suppliers in France, United States and Korea for the power plant, he said. "We may get a strategic partner (with nuclear technology) but I cannot say anything more now."

He said GMR Energy, which currently has 800 MW of thermal power generating capacity, may list in the next 1-2 years.

"We have projects to take up the capacity to 4,500 MW in about five years from now," he said. Of the under construction projects, 1,500 MW would be hydroelectric power - two in India and three in Nepal. Two coal-based power plants adding 2,200 MW capacity are under construction in Orissa and Chattisgarh.

GMR, he said, had got coal mines in South Africa and Indonesia for 3,500 MW additional thermal power plants the company was planning to set up on coastal location in Maharashtra, Tamil Nadu and Gujarat in next 5 to 7 years.

In addition, 1,500 MW of hydroelectric power plants are also being conceived, taking the total generating capacity to 10,000 MW. This does not include the nuclear power plants.

"We are investing between Rs 16,000 crore to Rs 20,000 crore for adding 4,500 MW capacity," Shah said.

Hindujas, which has promoted IndusInd Bank in India and owns Amas Bank in Switzerland, is also looking at financial sector for big-ticket investment.

"We will be looking at insurance and other financial services," Hinduja told senior editors in an informal chat here. Gopichand, Prakash and Ashok Hinduja also took part in the interaction.