LNJ Bhilwara Group incorporates BEL
The Group would raise the investment through private placement, IPO and global depository receipts.india Updated: Oct 24, 2006 19:25 IST
LNJ Bhilwara Group on Tuesday announced incorporation of Bhilwara Energy Limited (BEL) to its existing list of companies, as it plans to invest Rs 7,000 crore in various expansion projects in the sector.
BEL would be LNJ Bhilwara Group's flagship entity in the power sector business and would be the holding company of the Group's existing power generation companies Malana Power Company (MPCL) and its subsidiary AD Hydro Power Limited (ADHPL), it said.
The company would hold majority equity stake of 51 per cent in MPCL, through which it would also own 45 per cent of AD Hydro Power Limited indirectly, since MPCL held 90 per cent of the company.
"BEL, reiterates groups focus in the power sector, the Group is determined to expand its power generation capacity continuously. The envisioned power generation capacity of the group is 1,500 MW by 2012," LNJ Bhilwara Group Chairman Ravi Jhunjhunwala said.
The Group would raise the investment through private placement, IPO and global depository receipts, the release said.
LNJ would be entering power transmission, distribution, trading and generation from non-hydro sources such as thermal, wind and nuclear.
The group also plans to acquire new greenfield power projects in Himachal Pradesh, Uttaranchal, Sikkim, Madhya Pradesh, Chhattisgarh and Arunachal Pradesh, while renovating and modernising older power stations, the release said.
LNJ Bhilwara Group is Rs 2,400 crore conglomerate with presence in textiles, graphite electrodes, steel, IT enabled services, power generation and consultancy, a company release said.