Voltech Group, as part of diversifying its business, today forayed into power plant business and oil and gas, forming joint ventures with Kuwait-based Rank General Trading and Contracting Company and Zambia-based Goldberg Associates.
"This is a great pleasure for successful launch of joint venture with Rank Trading and Contracting... We will be doing EPC (engineering, procurement and construction) contracts for electrical substation projects," Voltech Group Managing Director M Umapathi told reporters here.
"We have planned to do further business with the joint venture in operation and maintenance of power plants, substations and also in oil and gas area," he said.
Through the joint venture in India, he said Rank General Trading Company would undertake telecommunication projects. "They (Rank General) will bring their technology in communication. Voltech will provide manpower and logistics support in India," he said.
Voltech Group also formed another joint venture with Zambia-based Goldberg Associates for setting up a 10 MW solar power project.
"We have signed the agreement with them which is for 20 years. We will be providing solar panels, they will be providing the land and logistics."
"The Government will be paying us about Rs 12 per unit from the power generated," he said.
Through these joint ventures Voltech Group will be generating revenues of Rs 150 crore in coming years, he said.
Responding to a query, Umapathi said Voltech Group has invested Rs 120 crore in the joint ventures and was expecting to garner revenues of Rs 400 crore in the next five years.
On the status of the company's Chennai plant, he said it would become operational next month. "Chennai plant production capacity is 75MW per annum. It is expected to come into operation soon. We are doing the trials right now", he said.
