DVC’s consolidated profit declines by Rs.1.14 bn

June 17th, 2008 - 9:47 pm ICT by IANS  

A file-photo of KPMG

Kolkata, June 17 (IANS) Power producer Damodar Valley Corporation’s (DVC) consolidated profit after tax declined to Rs.11.26 billion during the fiscal ended March 31 compared to Rs 12.39 billion during the previous year. However, its operating profit increased to Rs.21.82 billion from Rs.19.60 billion.

“DVC is setting up a state-of-the-art research and development (R&D) centre in Salt Lake in Kolkata, which would commence from July. It would provide innovative engineering solutions to the problems of power plants through in-depth study,” DVC chairman Asim Kumar Burman said.

“We are planning an initial public offering and have engaged KPMG to explore the possibilities of IPO,” Burman said.

KPMG suggested that the company should set up a 100 percent subsidiary firm to go public.

“After forming the subsidiary we will look for international strategic partners to achieve our goal through expression of interests,” he added.

The money raised through this IPO would be utilised for building super-critical units at five projects. Each super-critical unit has the potential to generate 660 mw of power and each project would have two super-critical units.

The company projects that its thermal power capacity would grow from 2,210 mw in March 2007 to 10,780 mw by December 2012.

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