Alps to float subsidiary for energy sector

Textile company Alps Industries will set up a wholly owned subsidiary named Alps Energy to make investments in various energy projects.

The company is currently negotiating with several parties for acquisition of allotted hydel power projects in Uttarakhand and Himachal Pradesh. In addition, it is also making direct bids for projects yet to be allotted, a company release said.

Alps' foray comes in the wake of oppotunities in the energy sector, which have already attracted huge investments from companies such as Reliance Power and JSW Energy, which have lined up mega public offers.

According to Central Electricity Authority, the government has set a target of adding 78,577 MW generation capacity in the five year plan ending march 2012 from 132,330 MW at the end of March 2007.

Alps manufacturs yarns, home furnishings, natural dyes, and fashion accessories and exports to US, Europe and other parts of the world. It sells home furnishings under Vista brandname and fashion accessories under the brand name Le-Pashmina in the domestic market . The company has posted net profit of Rs 18.56 crore on a total sales of Rs 271 crore for the six months ended September 30, 2007.