JSW Energy lines up Rs 3,000 cr capex for FY12

The Sajjan Jindal-led JSW Energy has lined up a Rs 3,000 crore capex for this fiscal and hopes to achieve financial closure for three projects during FY12.

"We have earmarked a Rs 3,000 crore capex for FY12 and hope to achieve financial closure for three projects," JSW Energy Chief Financial Officer Pramod Menon told reporters.

The private firm expects to achieve the financial closure of three projects - Barmer in Rajasthan, Kutehr in Himanchal Pradesh and the third one in Chhattisgarh, he said.

JSW Energy has an operational capacity of 1,730 MW. In addition, 1,410 MW of generating capacity is under construction. The company is targeting an aggregate generation capacity of 12,070 mega watts by 2015-16.

"We are optimistic about adding 1,410 MW of generating capacity by this fiscal-end," Menon said. The company is hopeful of completing the acquisition of British Virgin Islands-based CIC Energy by May-end, he said.

The buyout will enable JSW not only to secure long-term coal for its existing projects, but will also accelerate the capacity expansion for its imported coal-based plants.

"There are some conditions to be met...If everything goes well, we hope the acquisition will happen by May-end," he said, adding, "the company is also evaluating several short-to-medium-term opportunities to secure fuel requirements as the CIC deal is yet to close".

The company had in November said it would acquire CIC Energy Corp for 422 million Canadian dollars. However, the Canadian miner had to extend the deal closing date twice to tackle with an arbitration notice filed by its partner in a power project in Botswana.