GMR Infrastructure Ltd and GMR Energy — its 100 per cent subsidiary and the holding company for the group’s business interests in the energy space — have formed a new company called GMR Kamalanga Energy Ltd.
“The company will manage the 1,000MW Kamalanga power project that is coming up in Orissa. The financial closure for the project is expected by March next year,” said a company official.
GMR Energy will own 49,400 shares in the new company, while GMR Infrastructure will hold 100 shares.
Other group companies will own another 500 shares, the company said in a statement to the stock exchanges today. GMR Energy has two operational power projects — one in Chennai and the other in Mangalore — with cumulative capacity of 420MW.
The 388.5MW Vemagiri plant at Rajahmundry in Andhra Pradesh will start generating power soon. It has five projects under development — a 140MW hydroelectric power plant in Uttaranchal, a 1,050MW coal-based plant in Orissa, a 160MW hydroelectric project in Arunachal Pradesh, a 1,000MW thermal plant in Chattisgarh and a 180MW hydroelectric project in Himachal Pradesh.
The company official denied rumours that the group was planning a public flotation for GMR Energy. The company is also keen to buy power assets abroad. It has identified assets in Singapore. GMR had earlier failed in its attempt to acquire the assets of international power firm Globeleq in Asia and Egypt.
Source: The Telegraph
2nd January, 2008