After Suryachakra Power Corporation Ltd(SPCL) proposed to develop a 50 Mw solar power plant in Gujarat, Suryachakra Energy & Infrastructure Private Ltd(SEIPL), a wholly owned subsidiary of SPCL , is in line to develop a 150 Mw lignite based power plant in the Bhavnagar district of the state.
SEIPL will develop a 150Mw lignite based power plant in parts of 60 Mw, 60 Mw and 30 Mw.
The Board of Directors of SPCL has also approved the scheme of amalgamation of SEIPL into SPCL, the company informed the Bombay Stock Exchange today. Another wholly owned subsidiary of SPCL, Namratha Bizili Pvt Ltd, is developing a 150 Mw coal based thermal power plant in Vishakhapatnam, Andhra Pradesh.
Suryachakra Power Corporation's net profit rose 79.4 per cent to Rs 1.13 crore on 32.9 per cent decline in net sales to Rs 36.07 crore in the second quarter of 2009-10 fiscal over the corresponding period in the previous year.
The company's Board approved the proposal for acquisition of an operating / non-operating steam coal asset in Indonesia through a subsidiary to be incorporated in Singapore earlier this month. It has also approved the proposal to raise an external commercial borrowings of $ 25 million either by the company or through its overseas subsidiary.