The Rs. 10,000-crore RP-Sanjiv Goenka group is fast expanding its presence in power sector.
With Rs. 36,000 crore capex plan, the group's power company, CESC, is planning to double its coal-based power production capacity to 2,400 MW by 2014 and will add 2,000 MW later as a dozen projects are at different stages of completion. The plan is to achieve 7,000 MW power production capacity in six years.
"We have four projects under different stages of execution. Our 600 MW Chandrapur project in Maharashtra will be commissioned by next year, while another 600 MW project in Haldia in West Bengal will come up in 2014," said Subrata Talukdar, executive director, finance, CESC. "Commissioning of our supercritical thermal power plants - two 660 MW projects in Dhankanal in Orissa - will depend on coal allocations. We got environmental clearance."
For coal supply, CESC is looking foreign companies such as Resource Generation, an Australian company in which CESC has 4.8% stake, that owns coal assets in South Africa.
"In Jharkhand, where we have been allocated a coal mine we will start a 600 MW plant. It will start by 2016. We have been allocated a coal mine in Bihar and a 1,000 MW project in West Bengal is on horizon," he said.
About the funding, Talukdar said, the company has got close to Rs. 24,000 crore line of credit from Chinese Exim bank for equipment purchase while internal generation and equity infusion will help fund the balance portion of the capex plan.