Suryachakra Power to come out with a public issue

Suryachakra Power Corporation Limited (SPCL), which has a 20 MW diesel power plant at Andaman and Nicobar islands, is planning to come out with an initial public offering to meet its expansion plans.

The Hyderabad-based company, through its three subsidiaries "� Lahari Power and Steels Ltd, South Asian Agro Industries Ltd and MSM Energy Ltd "� is in the process of setting up biomass-based power plants in the states of Chattisgarh and Maharashtra.

In a press release here on Monday, the company stated that it had also entered into a memorandum of understanding with Zecon Engineering Berhad of Malaysia for establishing a gas-based power project in Andhra Pradesh. During 2005-06, SPCL posted a turnover of Rs 87.70 crore.