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M. Ramesh

Chennai , Nov. 25

OPG Energy Pvt Ltd is putting up a 77 MW coal-fired power project at Gummidipoondi, some 50 km North of Chennai. Chennai-based Shriram EPC Ltd has bagged the EPC contract for the Rs 310-crore project.

OPG Energy's parent company, Kanishk Steel Industries Ltd, is also putting up a 10-MW waste heat recovery power project at its sponge iron plant in Gummidipoondi, at a cost of Rs 42 crore.

Kanishk has a 52 per cent stake in OPG Energy, the remainder is held by the promoter group.

Mr Arvind Gupta, Managing Director, OPG Energy, told Business Line that financial closure for the debt portion of Rs 210 crore was likely to be completed by the end of December.

Mr Gupta said that the project would need about four lakh tonnes of coal each year, for which OPG Energy has tied up with Indonesian suppliers.

The project is conceived under the `group captive power' policy, under which power could be sold to companies that have any stake in the `special purpose vehicle' owning the power plant.

Mr Gupta said that the OPG group, which has interests in steel making, intended to focus on business opportunities in power sector.

The group also runs an 18-MW gas-based power plant near Mayiladuthurai.

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