Financial Daily from THE HINDU group of publications
Sunday, May 08, 2005
Financial Daily from THE HINDU group of publications Sunday, May 08, 2005 |
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Corporate
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Diversification Vishal Exports to invest Rs 450 cr in wind farm project in S. India Our Bureau
Mumbai , May 7 VISHAL Exports Overseas Ltd, an Ahmedabad-based trading firm, plans to invest Rs 450 crore in setting up an 82.5-MW wind farm project in South India. The company operates 19 wind turbines in Tamil Nadu and 10 in Rajasthan. Vishal Exports, which reported a net profit of Rs 11.43 crore on net sales of Rs 895.84 crore in the fourth quarter of 2004-05, plans to raise the amount through private placements, said Mr Natrajan T.G., Chief Financial Officer. The agro-based commodities trader has been investing in setting up renewable energy projects for the last few years. "We initially began setting up wind farms to benefit from tax concessions," Mr Natrajan said. "But the new Electricity Act 2003 and concessions offered by various funding agencies convinced us to invest more in renewable power." The company has recently commissioned a 1-MW hydropower project through its subsidiary Hateshwari Om Enterprises Pvt Ltd at Rohru near Shimla. The project cost of Rs 5.6 crore includes a term loan from the Indian Renewable Energy Development Authority. It will sell this power to the Himachal Pradesh Electricity Board at Rs 2.52 a unit for the next ten years.
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