Financial Daily from THE HINDU group of publications
Monday, Apr 11, 2005
Financial Daily from THE HINDU group of publications Monday, Apr 11, 2005 |
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Outlook Industry & Economy - Infrastructure Kalpataru Power plans to lay oil, gas pipelines Archana Chaudhary
Mumbai , April 10 POWER transmission equipment company Kalpataru Power Transmission Ltd (KPTL) plans to enter the business of laying oil and gas pipelines. The Rs 362-crore company is part of the Kalpataru Group that has interests in the construction business. "We will focus on contracts for laying oil and gas pipelines. We see this as an extension of our work in laying transmission lines for power companies and plan to tie up with international players to bid for oil pipeline contracts," said Mr Ajay Munot, Executive Director, KPTL. KPTL produces close to 48,000 tonnes of steel towers used for power transmission at its Gandhinagar unit. However, the company does not plan to produce pipes for oil pipeline projects. While KPTL has completed a number of projects abroad, in India, it has worked on transmission projects commissioned by the Power Grid Corporation. This includes the 1,350-km 400 kilovolt HVDC Rihand-Tala-Siliguri line. KPTL has already bid for two oil and gas pipeline contracts, Mr Munot said. The company has hired a team, which is experienced in the business, and will be investing Rs 25 crore on equipment before September 2005, he said. India has oil and gas pipelines covering 15,000 km. This network is expected to spread with oil companies announcing plans to lay more product pipelines. Also, gas companies, including GAIL and Reliance, have announced plans to lay inter-State gas links, as pipelines are known to be the cheapest mode for transporting oil and gas products. KPTL has recently acquired a 46 per cent stake in the construction company JMC Projects (India) Ltd. It plans to invest close to Rs 22 crore in a rights issue that will increase KPTL's holding in JMC to 55 per cent.
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