The Hindu Business Line : Monnet Ispat plans special purpose vehicle

Mr Suneet Jajodia, Vice-Chairman and MD of the company, told Business Line on Monday that the SPV could be named as Monnet Power Co Ltd. Kotak Mahindra is doing the valuation exercise for the new outfit. The exercise will be complete in a couple of weeks. The financial closure for the two projects is scheduled for January 31, 2007.

The power plant will source coal from the Utkal B2 captive coal block in the Talcher coalfields. Monnet last month signed an MoU with the Orissa Government for setting up a 1,000-MW power plant at an estimated cost of Rs 4,200 crore. The pithead power plant will come up in the Angul district of Orissa. MIEL plans to put up the 1,000-MW power project in two phases of 600 MW and 400 MW.

Quarterly result

The company recorded a turnover of Rs 134.28 crore for the quarter ended September 2006 against Rs 137.12 crore registered in the quarter ended June 30, 2006.

The company's net profit was at Rs 27.01 crore compared to Rs 25.34 crore in the corresponding quarter of last year, up 7 per cent. The net in March-June '06 quarter was Rs 25.69 crore. It proposed today an interim dividend of Rs 2 per share of Rs 10 each.

More Stories on : New Projects | Steel | Power

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Tata Motors plans to raise $300 m thru ECB

Asian Paints Q2 net rises 27 pc; to pay Rs 5.50 interim

Madras Cements Q2 net quadruples

QuEST launches aerospace making unit

Ashok Leyland to set up unit in Uttaranchal

Monnet Ispat plans special purpose vehicle

Hindustan Newsprint expansion

NSHM ties up with Swiss co

Orchid, Swedish co sign pact

Kerala Govt finds new promoter for revival of Trayons

Sarovar Hotels to add rooms