Advertisement

HindustanTimes Sat,19 Apr 2014

Hero Group forays into energy business

HT Correspondent , Hindustan Times  New Delhi, September 05, 2013
First Published: 01:11 IST(5/9/2013) | Last Updated: 01:15 IST(5/9/2013)

BM Munjal-led Hero Group on Wednesday announced its entry into renewable power generation business through new company Hero Future Energies. The company will invest Rs. 7,000 crore by 2016-17 for executing clean energy projects.

Advertisement

"Hero Future Energies, an independent power producer plans to develop over 1,000 megawatt (MW) of renewable energy projects by 2016-17... Every megawatt of wind power requires close to Rs. 7 crore and solar about Rs. 8 crore per megawatt," said Rahul Munjal, managing director, Hero Future Energies.

Hero Future Energies is a wholly-owned subsidiary of India’s largest two-wheeler maker.

Hero Future Energies will operate across various verticals of renewable energy such as wind, solar and hydro powers. The company, which commissioned a wind pilot project of 37.5 MW in Rajasthan, in October last year, plans to take this capacity to 800 MW by 2016-17.

It also plans to have a solar power generation capacity of 150 MW and 50 MW of small hydro units by 2016-17.

Asked whether the company is looking at exploring international markets, Munjal said, "We also hope to grow across borders in the wind and solar power business as a multi-locational and multinational group".

The firm will develop 100 MW of wind power capacity in 2013-14. It is already looking at acquiring small hydro power projects.

Advertisement
more from Business

700 trainees opt for exit plan at Nokia’s Chennai plant

Finnish handset maker Nokia, struggling to shepherd its Chennai plant into its agreement to be bought by US software giant Microsoft amid tax disputes in India, has got some success with 736 of its trainees accepting the voluntary separation scheme.
markets
Advertisement
Most Popular
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved