|Hemant Kanoria in Calcutta on Monday. Picture by Kishor Roy Chowdhury
Calcutta, Sept. 2: City-based Srei group has restructured its power business to become an integrated power utility.
The group, which had forayed into the power sector in 2003, today merged India Power Corporation Limited (IPCL) and the transmission and distribution subsidiary of DPSC Ltd.
Before the merger, IPCL was engaged in the generation of renewable energy.
In 2010, the group acquired DPSC, which has the licence to distribute power over an area of 629 square kilometres in the Asansol-Ranigunj region.
“We have restructured the companies operating in the power business and changed the name of DPSC Ltd to India Power to reflect the company’s new image as an integrated power utility,” IPCL chairman Hemant Kanoria said today.
Arun Kedia, chief financial officer of IPCL, said the move would increase the net worth of IPCL to Rs 1,000 crore and help it to secure debt channels for expansion.
IPCL is setting up a 450 megawatt (MW) thermal power plant at Haldia at an investment of Rs 2,650 crore and has planned a 270x2 MW plant at Raghunathpur, Purulia.
IPCL is in the process of securing fuel links for the Haldia plant.
“We have linkage from the Jagannathpur B coal block (Burdwan),” Kanoria said.
He said the company would import additional coal for the Haldia plant and blend it with the domestic variety. Srei has been scouting for coal assets in Botswana and South Africa.
The Haldia plant would be commissioned by early 2015, Kanoria said.
Kanoria said the firm was looking to expand its presence in power distribution.
“We recently got a licence from South Bihar Power Distribution Company for Gaya, Bodh Gaya and the adjoining districts. We are looking for more licences,” he said.