RP-Sanjiv Goenka group company CESC Ltd has decided to revive the abandoned Balagarh power project in West Bengal at an estimated investment of Rs 10,500 crore, a top company official said today.
"We had a discussion with the state government recently in this regard. Following it, the board has cleared the Balagarh project to set up three super-critical power projects of 660 MW each," CESC Vice-Chairman Sanjiv Goenka told reporters here.
Total investment for the project will be about Rs 10,500 crore. "The state government has promised us coal linkage for the project," Goenka said.
Referring to the Haldia project, he said that the first phase of 600 MW (2x300) was expected to completed by the end of this year, while the commissioning of 600 MW Chandrapur power project in Maharashtra would be by March 2013.
Plans to raise to Rs 1,000 crore from private equity (PE) players for three projects being undertaken by its subsidiary Haldia Energy (HEL) had been put on hold.
"We would rather fund it now and at right time will do an IPO," Goenka said.
The company posted a growth rate of 137.5% in net profit for the last quarter of 2011-12 at Rs 266 crore as against Rs 112 crore during the year-ago period.
Net sales during the quarter stood at Rs 1,348 crore, registering a rise of 48.5% as compared to Rs 908 crore in the last quarter of the FY11, the company said.
