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Our Bureau

Bangalore , Dec.12

SPML Group has announced it would invest Rs 750 crore in renewable energy projects over five years as part of its growth strategy. It also plans to increase its headcount from 1,000 to 2,000 in the next 18 months and diversify into other infrastructure verticals as part of its expansion plans for 2006-07.

The company's revenue last fiscal was Rs 400 crore and this is expected to double to Rs 800 crore during FY 2006-07. SPML specialises in engineering consultancy and services across water management; power generation, transmission and distribution; environmental engineering; and infrastructure development. Currently it is developing the Puducherry port in collaboration with Delhi-based Om Metals Infraprojects Ltd.

Mr Anil Sethi, Chairman, Subhash Group told reporters here on Tuesday, "Our recent diversification into waste management along with our efforts to join the select group of companies working under Government agencies to reach electricity to Indian villages, has helped our turnover and profits spiral upwards. We have contracts for Bihar, West Bengal and Uttar Pradesh, covering 8,000 villages under the Rajiv Gandhi Grameen Vidyutikaran Yojna."

"At present we have projects worth Rs 2,400 crore to be implemented over the next two to three years. We are also looking at opportunities abroad in West Asia and Africa," he added. For the September quarter in FY 2006-07, the company reported a net profit of Rs 10 crore on net income of Rs 194 crore.

More Stories on : New Projects | Non-conventional Energy | Power | Karnataka

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