The company, which has a distribution network of 250 MVA in Asansol, is planning to expand its distribution operation in the area.
Kolkata: India Power Corporation Ltd (IPCL), an arm of the city-based Kanoria Foundation, is setting up a 3x150 MW thermal plant in East Midnapore’s Haldia with a total capital outlay of Rs 3,500 crore.
The first unit of the plant will be commissioned by the end of December while the second unit by March 2017 and the final by September, IPCL chairman Hemant Kanoria said.
The company, which has a distribution network of 250 MVA in Asansol, is planning to expand its distribution operation in the area. “We have held talks with the state government and are ready to supply power at a much cheaper rate to industries,” he said. He also announced acquisition of Nellore, Andhra Pradesh-based power plant owned by French power firm, ENGIE.
“We have formed a 50:50 JV with Germany’s Uniper Kraftwerk for management and operations of Meenakshi and also our Haldia power plants,” Mr. Kanoria added. .Of the 1,000 MW total capacity of Meenakshi Energy, 300 MW is already operational and 700 MW is under advance stage of implementation, which will be commissioned by the third quarter of next year.
“The acquisition has been done by transferring Rs 2800 crore of Meenakshi’s debt into India Power’s own accounts and buying out Rs 3800 crore of equity at $1, “ Mr. Kanoria added.