PowerGen of UK sets aside Rs 3000 cr for acquisitions

MUMBAI, JULY 27: British power company PowerGen PLC has set aside Rs 3,000 crore for acquisitions of power stations in India. Of this, it...

MUMBAI, JULY 27: British power company PowerGen PLC has set aside Rs 3,000 crore for acquisitions of power stations in India. Of this, it has already spent Rs 1100 crore for the acquisition 74 per cent stake in Gujarat Torrent Energy Corporation and plans to invest another Rs 2,000 crore in India as per the company’s five-year investment strategy for India.

“As per five-year investment plan drafted last year, we envisaged Rs 3,000 crore equity investment in India. We are looking at other opportunities in the Indian power sector as it is one of the most favoured investment destinations for PowerGen,” PowerGen India Pvt Ltd General Manager Gerry Grove-White said here today.

PowerGen is one of the world’s largest independent power production companies with a turnover of over 2.24 billion pounds and profit before tax of 292 million pounds for the nine month period ended January 3, 1999.

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“The company is also currently considering at least two to three power projects in the country for picking up equitystakes and an announcement would be mad soon,” he said.

“Since PowerGen has been fairly successful with its ventures in the country so far, we have been receiving several offers to take equity interests in projects. We are currently in discussions with two to three projects,” he said.

PowerGen is in talks with the Chennai-based Spic group to increase its stake in the 500 mw project at Tuticorin in Tamil Nadu from the present 25 per cent to 74 per cent, White said adding that the details are yet to be finalised. The company has over 2,000 mw of generating capacity and is developing the Bina and Rosa projects in partnerships with the Aditya Birla group.

Since 1993, PowerGen has been working towards a major presence in India and views India as the larget market for the independent power projects. On Tuesday, the board of GTEC was reconstituted with the former executive director, Nitin Shukla being appointed as the new managing director.

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