Hinduja Realty Ventures (HRV) and Hinduja National Power Corporation (HNPC), the real estate and power companies of the Hinduja Group, are expected to go in for initial public offerings in the next one to two years, according to the company’s senior executives.
“We are considering listing the realty arm over the next 12 months,” said Abin K Das, director, Hinduja Group India. “For the power company, we would like to first build our portfolio before we tap the markets.”
It is currently developing a 40-acre mixed use IT park and 115-acre residential project in Bangalore.
HNPC’s first power project in Visakhapatnam is expected to become operational in 2013, with the first unit to start in June and the second in September. The project, which was launched in 1993, had been abandoned for eight years before being revived and will be completed at a cost of $1.2 billion (Rs 6,300 crore), of which Rs 1,400 crore has already been spent, according to Ashok K Puri, MD, HNPC. The plant will have a capacity of 1,040 MW.
The company, he said, will initially be setting up thermal plants, though later intends to opt for gas fired plants and also enter the clean energy space.
“We are in talks with the government of Qatar for supply of gas, but they are offering it at $12-14 whereas to the US they offer it at $4. So we have asked them to reconsider it...and we expect prices to moderate over the next two to three years,” Puri added.
The group is also looking at acquiring stake in coal mines in Indonesia and Australia, and will also participate in the auction of coal blocks in India.