The Hindu Business Line : GVK to rope in partners for ultra mega projects

Projects under execution
370-MW Mapang, a high altitude hydel project
330-MW project at Srinagar, Alakanada in UP
500-MW project at Punjab

MR G.V. KRISHNA REDDY

Hyderabad , June 17

GVK Power and Infrastructure Ltd, the holding company of the diversified Hyderabad-based GVK group, is planning a major thrust in power and infrastructure. It is gearing up to bid for ultra mega projects through strategic partners.

The Chairman of the GVK group, Mr G.V. Krishna Reddy, said, "We are in the process of finalising strategic partners for the ultra mega projects proposed by the Central Government. We may bid for more than one project, each of the project would be worth Rs 15,000-16,000 crore."

Mr Reddy told Business Line that GVK was the first company in the country to set up a 220 MW independent power project (IPP) at Jegurupadu in the State and has since doubled its capacity and is close to completing a 464-MW power project in Gauthami near Rajahmundry."

"We have emerged as one of the largest IPPs in the country and are currently executing projects with overall capacity of about 2,300 MW. Apart from Jegurupadu and Gauthami, the other projects under execution are the 370-MW Mapang, a high altitude hydel project, and 330-MW project at Srinagar, Alakanada in UP, and a 500-MW project at Punjab," Mr Reddy said.

Gas supplies

Referring to gas supplies, he said that the company plans to procure natural gas supplied from Reliance and Gujarat Petroleum for the Gauthami plant. Both the companies are investing significantly in gas exploration and by 2008, gas supplies are set to flow. "Apart from these projects, we also plan to execute the Krishnapatnam project,'' he said.

The Alakanada project was pending for nearly two decades and GVK had taken it over recently and expects to complete it by 2010.

Airport development

Following the recent win for development of the Mumbai airport, Mr Reddy said, "We have emerged as one of the fastest growing infrastructure companies in the country, with project under execution estimated at over Rs 15,000 crore. With the Government deciding to offer more airports for private development, we expect to bid for more projects.

"We are also actively pursuing metro projects and have bid for some of them, including Hyderabad Metro. Based on the decision of the developer, we would take to developments of these projects through strategic partners."

Other plans

The group now has a turnover of Rs 1,600 crore with an asset base of Rs 5,000 crore (about $1.2 billion). Apart from road and airport projects, GVK is in the process of developing a large mall in Hyderabad and is planning some more in the country.

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