Srei group consolidates power business

With consolidation, the networth of DPSC has moved up to Rs 1,000 crore

Srei Group has restructured its power business companies to become an integrated power utility.

"We have restructured the companies operating in the power business and changed the name of the DPSC Ltd to India Power Corporation India Ltd (IPCIL) to reflect the company's new image as an integrated power utility," IPCIL chairman Hemant Kanoria said here today.     

"We had earlier reversed the merger of our holding company IPCL into DPSC, the state-owned power distribution company that we took over in 2010," he said.

 With consolidation, the networth of DPSC (now changed to IPCIL) has moved up to Rs 1,000 crore from some Rs 200-250 crore, Kanoria said.     Kanoria said now the company is open to acquisitions in both generation and distribution.

"We are open to acquisition for generation capacity but now we are trying to expand more in power distribution.

We recently got license for south Bihar and trying for more distribution licenses looking at the fuel crisis," he said.

The company is executing a 450 MW thermal power plant at Haldia at an expenditure of Rs 2650 crore and the plant is expected to begin generation in 2015.The company has part of Rahunanthpur B coal block that will meet 50 per cent of the total requirement.

IPCIL revenue is at Rs 650 crore in 2012-13. The company currently generates just 2 MW but supplies power of 240MW in existing distribution license in the state.