Haldia Energy to raise Rs.1,000 crore

November 3rd, 2010 - 11:13 pm ICT by IANS  

Kolkata, Nov 3 (IANS) Haldia Energy Limited, a subsidiary of power utility CESC, will mop up around Rs.1,000 crore by tapping private equity funds by February next year.

Haldia Energy, which will part-finance three power projects in West Bengal, Orissa and Maharashtra, will have a total equity component of Rs.3,000 crore for the projects.

“Out of Rs.3,000 crore, the company will raise around Rs 1,000 crore,” said CESC vice chairman Sanjiv Goenka after releasing the company’s second quarter results.

Haldia Energy is the holding company of the three projects which will have a total capacity of 2,500 megawatt. The total cost for power plants is Rs.12,800 crore.

The company proposes to shed less than 26 percent, and is likely to issue fresh equity, with the company management in talks with both domestic and private equity firms.

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