Athena, IDFC, PFC form JV for power projects

Hyderabad-based Athena Projects, Infrastructure Development Finance Company (IDFC) and power trading company PTC India have teamed up to launch a joint venture - Athena Energy Ventures (AEVPL) - to develop power projects across the country.

AEVPL, which has ben floated with an authorised equity capital of Rs 750 crore, is planning to develop 10,000 MW power capacity by 2015 with an investment of over Rs 40,000 crore.

Athena is promoted by K V Vijayakumar and a group of high net-worth Individuals based in India and abroad including the promoters of the Karvy group and Matrix Laboratories founder N Prasad.

While Athena will have 52% stake in AEVPL, IDFC and PTC will hold 28% and 20%, respectively. A shareholders agreement was signed by the chairmen of the three partners in Mumbai today in the presence of power minister Sushil Kumar Shinde.

"All the on-going projects of Athena will come under the purview of the joint venture," T V Krishna, managing director, Athena Energy Ventures said.

Athena is currently developing a 3,000 MW hydroelectric project in Arunachal Pradesh. The company is also setting up a 2,400 MW, coal-based power plant at Srikakulam near Vishakhapatanam. About 2,000 acres of land have been transferred to the company by the Andhra Pradesh Industrial Infrasructure Development Corporation (APIDC). An agreement was signed today with Knowledge Infrastructure Systems to import coal from Indonesia.

The company is also pursuing a 1,320 MW, coal-based power plant in Chattisgarh and a 2,000 MW, gas-based power plant in Andhra Pradesh, Krishna said.