The company is in the process of acquiring 500 acres in Nagapattinam district for the project
ETA Power Generation Ltd, part of $6.5 billion ETA Ascon Star Group, is planning to invest around Rs 5,200 crore for setting up a 2X660 Mega watt (Mw) power plant in Tamil Nadu. This would mark the group’s entry into the power generation business in India.
Speaking to Business Standard, AA Sadagopan, director, ETA Power Generation Ltd, said the company was in the process of acquiring 500 acres of land in Nagapattinam district for the proposed thermal-based project.
“We are planning to opt for project clearance once the land acquisition is over, which is in the final stage,” he added. The project is scheduled to be completed by March 2014 and the second unit would take six to nine months after the completion of the first phase, he added.
ETA Power is currently in talks with Power Trading Corporation to sell its produce.
Sadagopan said the equity portion for the project will be around 20-30 per cent.
“The proposed project will be our first step in India on power generation. We plan to increase the production capacity to 2,000 Mw in 2-3 years,” he said. The focus would be on the east coast of the country for new projects.
Meanwhile, ETA Power is planning to source around 5 million tonnes of coal from Indonesia and is likely to handle the imported coal at Nagapattinam port.
The company has received licence for setting up a 100 Mw Hydro-based power plant in Himachal Pradesh. “We are also considering solar and gas,” added Sadagopan.
