Tata Power earmarks Rs 1,470 cr for captive, independent projects

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Bureau Mumbai, Aug 10: The Tata Power, in a bid to grow in and outside its licensed area, has set apart an investment of Rs 1,470 crore for implementation of various captive and independent power projects across the country in the current fiscal.

Tata Power chairman Ratan Tata told shareholders on Friday that the company was poised for growth in power sector as well as new economy (read communication sector).

“We are optimistic about growth. We will concentrate on the supply of reliable power and take up projects in captive and independent power projects,” he added. The company is generating 800 million units through captive power projects and it is slated to touch over 2,000 million units in 2003.

The 67.5 mw Jojobera plant of Tata Steel was already taken over at Rs 300 crore in 2000-01. It will expand the generation capacity at that plant by setting up new 120 mw units in two phases with an investment of Rs 1,025 crore. Tata Power has spent Rs 90 crore for the acquisition of a 37.5 mw captive plant from ACC at Wadi, Karnataka. The capacity of the Wadi plant is being enhanced to 75 mw at a cost of Rs 200 crore and it is expected to be complete by January 2002.

As far as independent power projects are concerned, the company has commissioned 81.3 mw plant at Belgaum, Karnataka in March this year with an investment of Rs 270 crore. It has pre-qualified with China Light and Power for 2000 mw plant at Pipavav, Gujarat. It has also formed a 50 per cent joint venture with China Light and Power for setting up of a 1000 mw plant at Mangalore.

Mr Tata said that the company’s 400 km broadband network in Mumbai will be fully commissioned by early September. He informed that similar initiative has been taken in Delhi, Pune, Hyderabad and Chennai with a total investment of Rs 300 crore.

According to Mr Tata, the company has put in abeyance the developing of liquified natural gas terminal and jetty in north east Mumbai.