The coal-based power plant in Maharashtra, is the first of its many power plants under construction. The company's IPO raised as much as Rs 1,780 crore in October 2009.
The first unit of Amravati has been connected to the Western grid. The power generated by this plant will be supplied to Maharashtra State Electricity Distribution Company. They have already signed a power purchase agreement to supply power for twenty five years.
The company claims this an important milestone for the company. “Indiabulls Power has achieved this landmark with reliable and well proven technology from Bharat heavy Electricals Ltd (BHEL) for boilers, turbine and generator package and deployment of best in class contractors, along with employing competitive managerial and technical talent with sound track record, knowledge and relevant experience for constructing, commissioning and operating large power projects,” Indiabulls Power said, in a press release.
The company also employed the services of equipment suppliers and contractors like Switerland based ABB, Siemens, Areva, Larsen & Toubro and Shapoorji Pallonji.
The company claimed that it is currently constructing power capacity to the tune of 5,400 megawatts in Nandgaonpeth, Amravati District, Maharashtra and another at Sinnar, Nashik District, Maharashtra. Around half of this power capacity, of 2,700 megawatts, is fired by coal.
The stock of Indiabulls Power went up by 0.6% in today's trade to close at Rs 10.7 per share, as per data available on the Bombay Stock Exchange.