GVKPIL to set up plants in Uttaranchal, Punjab

Andhra-based GVK Power and Infrastructure Ltd (GVKPIL) will set up plants in Uttaranchal and Punjab, generating around 1200 Mw power, at a cost of Rs 5,500 crore, a top executive of the company said.

The proposed plants, will come up in Srinagar and Napang in Uttaranchal and in Govindwal Saheb in Punjab. While the coal-based plants at Uttaranchal would produce 500 Mw, the one in Punjab would produce 700 Mw hydel energy, Som Bhupal, director of GVKPIL, said here yesterday.

The company would come out with an initial public offering (IPO) of nearly 8.27 million equity shares of Rs10 each through 100 per cent book building process.

The price band had been fixed at between Rs 260 and Rs 310 per equity share. The issue would open on Februray 2 and close on Februray 7.

Som Bhupal said the GVKPIL now held 53.96 per cent stake in GVK Industries, which had already set up a 216 Mw plant at Jegurupadu in Andhra Pradesh.

The second plant under phase II of 220 Mw would be commissioned by the middle of this month.

"In addition, GVKPIL now holds 47.47 per cent equity stake in the Gautami Power Plant in Peddarpuram in the east Godavari district of Andhra Pradesh. The 464 Mw Gautami Power Plant, a dual fuel combined cycle plant, will be commissioned by September this year," he said.