To infuse Rs 7k crore for two projects.
State owned Gujarat State Petroleum Corporation (GSPC) has firmed up its plans to set up two greenfield thermal power plants with a capacity to generate 1,000 MW each. GSPC plans to infuse Rs 7,000 crore for the two projects. The company has signed MoU for setting up 2,000 MW greenfield power projects in the state at the Vibrant Gujarat Global Investors’ Summit.
“Two sites have been identified one at Banaskantha and other at Vadnagar for setting up gas based power projects. The huge amount of gas that will flow from the KG Basin will be used to fire the 2,000 MW power projects,” said D J Pandian, MD of GSPC.
He however maintained that it was yet to be decided whether GSPC would independently execute the project or rope in some equity partner. “We might hand over the entire project to some other state owned PSU and remain a long term fuel supplier,” he added.
The Summit witnessed investments to the tune of over Rs 2 lakh crore in the conventional power segment. In all, various players have evinced interest and signed MoUs to add over 40,000 MW of thermal power, equivalent to the size of 10 ultra mega power projects.
GSPC is already in the process of setting up a 700 MW gas/LNG based power plant at Pipavav. The entire project to be completed in two phases is likely to be commissioned by December 2010.
GSPC has also signed MoU for expansion of its gas grid which includes Mundra-Palanpur pipeline. The gas grid expansion project will require investment of Rs 3,000 crore. The company has also decided to foray into wind energy as it has chalked out massive plans of setting up 200 MW of wind energy generation for an investment of Rs 1200 crore. Besides, GSPC through its subsidiary company GSPC Gas has signed MoU of Rs 8,000 crore for city gas distribution in Gujarat. This involves setting up of new 300 CNG Stations and 20 lakh PNG domestic connections in the state.
