India Power Ltd will explore acquisitions preferably for thermal power projects, Chairman, Hemant Kanoria said. The company is also open for acquisitions in the renewable sector.
According to Kanoria, the company would look at using its expertise and its “strong team” to restructure such loss-making projects.
“We are open to acquisition of stressed assets in the thermal power generating units,” he said during a press meet.
Kanoria also announced that his son, Raghav Raj, will be taking over as the Managing Director of the company.
According to Raghav, India Power will add 850 MW to its existing thermal power generating capacity within the end of this fiscal.
While 700 MW will be added through Meenakshi Power (in Andhra Pradesh) by December end, another 150 MW unit will come up at Haldia (West Bengal) by March 2018.
India Power currently has an installed generating capacity of 300 MW (of thermal power) at Andhra; while another 150 MW is in Haldia.
Short term (one year) power purchase agreements of 200 MW has been entered into already for Telengana and Andhra Pradesh.
The company, operates 100 MW of wind power plants in Karnataka, Gujarat and Rajasthan; and a 2 MW grid connected solar PV power plant in Bengal.
Another 36 MW of solar power unit is expected to come up in Uttarakhand at a cost of Rs. 225 crore.
Apart from generating units; India Power has distribution rights in the Durgapur-Assansol area in West Bengal and Gaya in Bihar. It has also applied for distribution rights in Bardhaman (West Bengal).