Financial Daily from THE HINDU group of publications
Tuesday, May 16, 2006
Financial Daily from THE HINDU group of publications Tuesday, May 16, 2006 |
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Markets
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IPOs Industry & Economy - Power Our Bureau
Hyderabad , May 15 Suryachakra Power Corporation, a Hyderabad-based independent power producer, is planning to enter the capital market to fund its expansion plans and foray into new areas. Established in 1995 by Dr S.M. Maneppali, the company manages a 20 MW diesel-based power plant at Bamboo Flat, Port Blair. The plant is in operation since 1993 at approximately 70-75 per cent of its capacity. According to company plans, the IPO proceeds, details of which are to be filed with the SEBI shortly, is aimed at meeting expansion plans and general corporate expenses and some new projects, including a gas-based plant. The company's three subsidiaries - Lahari Power and Steels, South Asian Agro Industries, and MSM Energy, are in the process of setting up biomass-based power plants in Chattisgarh and Maharashtra. Suryachakra has entered into a memorandum with Malaysian conglomerate Zecon Engineering Berhad and GSPC, which have approved gas allocation for a gas-based power project and a petrochemical complex planned in East Godavari. The project is to be taken up in collaboration with SREI Infrastructure Finance Ltd and the new company is in talks with the Andhra Pradesh Government.
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