Shree Ganesh jewellery aims to generate 500 MW solar powerApril 12th, 2012 - 11:57 pm ICT by IANS
Kolkata, April 12 (IANS) Kolkata-based jewellery maker Shree Ganesh Jewellery House Ltd (SGJHL), which recently forayed into solar power business, Thursday said it is aiming to scale up its generation to about 500 MW in the next three years.
The jewellery maker has recently picked up majority stake in Kolkata-based Alex Group of Companies, promoted by the Sureka Group.
SGJHL has set up a 25 MW solar power project in Gujarat, executed through Alex Group.
Set up at Rs.4 billion, the project started its commercial production from April 4.
The company has zeroed in at Rajasthan, Uttar Pradesh, Jharkand, Orissa, and Bihar for setting up solar power plants.
Besides these, the company has signed a memorandum of understanding for setting up an additional 25 MW in Gujarat solar park, and has applied for further 50 MW that is under consideration of the Gujarat state government.
The company is also planning to set up a 1000-acre solar park and is in discussion with the state governments of Orissa, UP and Bihar.
“We are in talks with three different state governments - Odisha, Uttar Pradesh and Bihar. We will provide them with the technological know-how and set up the park on behalf for,” Nilesh Parekh, chairman of SGJHL, said.
The total investment earmarked by the company in expanding their presence in the solar power sector is about Rs.50 billion.
“The funding will be done through a mixture of private equity participation and internal accruals. We are in talks with a few large private equity players and at the same time we are also in advanced stages of discussion with the state governments as well,” said Parekh.
- Shree Ganesh's solar projects in UP, Bihar likely by Oct - Aug 24, 2012
- Shree Ganesh Jewellery in JV with Italian firm for Rs.100 cr plant - Oct 28, 2011
- IPCL, DPSC to invest Rs.26,450 crore in power - Jul 20, 2011
- CESC net up 137 percent in Q4 backed by tariff hike - May 08, 2012
- Concast plans to set up Rs. 8 bn cement plant in Arunachal - Feb 02, 2012
- Asia's largest solar park functional in Gujarat - Apr 19, 2012
- Keventer plans to set up food park in Bengal - May 26, 2012
- Gujarat to have Asia's largest solar power park - Dec 30, 2010
- Floating solar power plants to bridge energy deficit? - Nov 20, 2011
- E-trade of gold bars begins Aug 2 - Jul 31, 2010
- Neyveli Lignite to go alone on Gujarat power project - May 27, 2011
- CESC plans to raise Rs.1,200 crore in equity - Dec 07, 2010
- Nitish Kumar's house, office to go green - Jul 29, 2011
- CESC acquires two hydroelectric projects - May 16, 2012
- Visa Power faces court case for illegal construction - Sep 08, 2011
Tags: accruals, alex, april 4, bihar, equity participation, gujarat state government, jewellery maker, jharkand, majority stake, memorandum of understanding, mixture, orissa, power business, power sector, private equity, rs 50, solar park, solar power plants, state governments, uttar pradesh