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Mr Jaiprakash Gaur (right), Chairman, Jaiprakash Hydro-Power Ltd, with Mr Manij Gaur, Managing Director, Jaiprakash Associates Ltd, at a press conference in Mumbai on Monday. - Paul Noronha

Mumbai March 14

JAIPRAKASH Hydro-Power Ltd (JHPL), a 100 per cent subsidiary of Jaiprakash Associates Ltd (JAL), is coming out with a public offer of 18 crore equity shares through the book building process.

The price band has been fixed at Rs 27-32 per share of a face value of Rs 10. The issue opens on March 22 and closes on March 29.

JHPL is operating the country's largest privately-run hydro power project, the 300 MW Baspa-II plant in Himachal Pradesh, which was commissioned in June 2003.

The plant will generate 1.3 billion KWh of power annually, including the 12 per cent power that the company will be supplying to the State Government, to help meet the projected demand of the northern grid.

The entire power is being purchased by the Himachal Pradesh State Electricity Board.

Talking to presspersons here on Monday, Mr Jaiprakash Gaur, Chairman of the company, said there were plans for the company to foray into power distribution, apart from consolidating its generating capacities.

The company is setting up another 400 MW hydro-power project in Vishnuprayag in Uttaranchal, which is scheduled to be commissioned in June 2006, apart from a 1,000 MW project at Karcham on River Sutlej in Himachal Pradesh.

The group is targeting a capacity of 700 MW in the hydro power sector by 2006 and 1,700 MW by 2010.

Mr Gaur pointed out that the country held out enormous potential in this sector, with the Government proposing to add 41,000 MW and 59,000 MW of power in the Tenth and Eleventh Plan Periods respectively. "This means 10,000 MW of power will have to be added every year," he said.

According to him, the Tenth Plan period envisages the highest addition of capacity in the hydro-power sector. "During this Plan, some14,393 MW of hydro-power is proposed to be added. And we are associated with 54 per cent of this," he said.

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