Almoayyed Group eyes power sector

The Y K Almoayyed Group, one of the oldest business houses in Bahrain, is keenly eyeing the Indian power sector.

The company which has a global presence in power is exploring opportunities to take over undervalued and sick power companies in the country. The group is also considering investments in the oil sector.

"We are looking at India as a major destination for investment, especially in the power sector. We would like to acquire some of the sick public sector power companies and with our technical expertise and financial support we will turn them around," said Fareed-Y-Almoyyed, vice chairman, Almoyyed group.

At present, Almoayyed is setting up world's first 'P4' solar-wind power plant at Alandi near Pune. The group is doing this project in association with Singapore-based MSC Power Corporation (BVI) Ltd.

Sharad Pawar,union agriculture minister, laid the foundation stone of this power plant on Tuesday. The 3-acre plant has been set up with an investment of Rs 45 crore and would have capacity to generate 5 megawatts of electricity. The plant is expected to be functional by May 2006.The company plans to sell power from the Alandi plant to MSEB at Rs 3.5 per unit.

Almoyyed group has invested $ 9 million on this plant and is planning to set up 50 such plants in the country with MSC Power India in the five years.

"We may invest upto $100 million here in the next five years. We are also coming up with an IPO of MSC Power India, in the second half of 2006, and would be diluting more than 15 per cent equity," said Almoyyed.

"We would also like to enter into Indian oil exploration field especially the Krishna-Godavari basin. Since we are mainly a trading company, we won't be engaged in actual exploration work but would Invest, provide technical, marketing and sales support to the Indian companies involved in the K-G basin," he said.

He added the group was negotiating with ONGC Videsh for exploration in Iran.