Era Infra Engineering today said it has forayed into power transmission and distribution (T&D) business and has a formed a new subsidiary -- Era Power Ltd -- for the same.
"We see a good business opportunity in power T&D business as a number of companies are coming out in the country in the power sector," Era Infra CMD HS Bharana told PTI.
The company has entered into power T&D business through its wholly-owned subsidiary Era Power, the city-based infrastructure firm said in a filing to the Bombay Stock Exchange.
Era Power is setting up transmission tower manufacturing facility in Nagpur that is expected to be completed by the end of second quarter of the current fiscal, Bharana said.
The manufacturing plant at Nagpur is being developed at a cost of Rs 40 crore, he said.
On revenue prospects from the new business, Bharana said the company's entry in this new segment will help to generate more earnings.
"We expect an addition of nearly Rs 100 crore in the company's revenue by the end of fiscal," Bharana added.
The company is also undertaking business of construction of power substations and execution of electrical transmission and distribution contracts.
Shares of Era Infra were quoting at Rs 226.50, up by 0.91 per cent in afternoon trade on the National Stock Exchange.
