Hyderabad-based power producer Ind–Barath is planning to set up a power plant at Tuticorin, Tamil Nadu. The proposed project would attract investment worth Rs 1,800 crore. The plant was originally planned to be in Andhra Pradesh.
While company officials refused to comment, government sources confirmed the development. They said the company was planning to set up 3x150-Mw, coal-based, thermal power project, which was first planned for Hankon in Andhra Pradesh.
The land requirement is estimated at 220 acres and is likely to use a blend of imported and Indian coal, in a ratio of 80:20. The imported coal requirement is estimated to be 1.28 million tonnes per annum and will be sourced from Indonesian collieries, added sources.
The project may use the port of Tuticorin to import coal, which is in the process of investing Rs 538 crore to increase the draft at main berths, entry channels and turning circles. Currently, the port is handling around 7.5 million tonnes of coal every year, which is expected to increase to 12.5-13 million tonnes by 2012.
Ind-Barath Power currently has an operating capacity of 375 Mw and is setting up plants with 3,000 Mw of capacity. It has also tied up debt of Rs 2,600 crore for a 800 Mw coal-based power plant in Orissa. Its other projects are coming up in Tamil Nadu and Karnataka.
In October, the company raised $100 million in funding from Sequoia Capital India, Bessemer Venture Partners and Citi Venture Capital International (CVCI). The troika would be getting an 18 per cent stake in the power generation company, which is valued at over Rs 2,100 crore, according to agency reports.
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This was the second round of funding for Ind-Barath, which raised Rs 300 crore in 2007 from CVCI and UTI Ventures.
Clarification
Ind-Barath's power plant was originally planned for Hankon, which is in Karnataka, and not Andhra Pradesh, as mentioned in the story.