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Thursday, Aug 05, 2004

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DPSC not keen on equity partner now

Our Bureau

Kolkata , Aug 4

DPSC Ltd, the erstwhile Dishergarh Power Supply Co Ltd, may not hesitate to rope in a new equity partner, provided the arrangement benefits the company and also helps implement its expansion programme. Indicating this here on Wednesday, the company's Director & CEO, Mr S. Radhakrishna, said, "A decision in this regard is yet to be taken by the company board. In fact, there is no such specific thinking right now as the company is yet to finalise the expansion programme."

Tata Consultancy Engineering Ltd had been engaged to prepare a techno-economic feasibility report for the expansion programme, which aims to increase DPSC's existing generating capacity from 40 MW to 100 MW. It may attract an investment of about Rs 240 crore.

DPSC, originally a wholly owned subsidiary of Andrew Yule Company Ltd, is at present managed by professionals. About 42 per cent of its total equity is controlled by financial institutions, 30 per cent by DESCON Ltd and 15.5 per cent directly by Andrew Yule and its group companies, leaving the remaining equity shares to the public. DPSC controls about 20 per cent equity shares in DESCON Ltd, in which employees of DESCON and DPSC share the balance 80 per cent equity.

Incidentally, DPSC has licences for both generation and distribution. Its coal-based thermal power station is located at Asansol in West Bengal, while it distributes power largely to coalfields.

However, Mr Radhakrishna, who is also Director and CEO of DESCON Ltd, on Wednesday launched a Web site aiming at providing IT solutions to enhance business processes.

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