Business Daily from THE HINDU group of publications
Saturday, Jul 28, 2007
ePaper
Business Daily from THE HINDU group of publications Saturday, Jul 28, 2007 ePaper |
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Corporate
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Outlook ‘CESC to invest Rs 18,000 cr in various projects’
Our Bureau Kolkata, July 27 CESC Ltd will invest Rs 18,000 crore in various projects between now and 2012, the Vice-Chairman, Mr Sanjiv Goenka, said at the company’s 29th annual general meeting here on Friday. Mr Goenka said Rs 8,000 crore would be invested in a 2,000-MW power plant that would be set up in Haldia. The company also plans to invest Rs 4,000 crore each in two power plants proposed to be set up in Jharkhand and Orissa. He said Rs 1,000 crore would go towards the power facility at Budge Budge facility even as a further Rs 1,000 crore would be invested in the company’s distribution network. The funds required for the proposed projects would be generated from internal accruals, debt and other sources such as the capital market, private placements, GDRs, and so on. Retail initiative
According to Mr Goenka, following the merger of the holding company of Spencer’s retail chain with CESC, plans have been firmed up to open 300 more outlets in the current fiscal. An investment of Rs 1,200 crore would be made in the group’s retail initiative by March 2009, he said. CESC was also setting up a four-lakh sq. ft mall in Kolkata, he added. During the year ended March 31, 2007, CESC earned a total income of Rs 2,576.98 crore compared with Rs 2,587.26 crore in 2005-06. The net profit for 2006-07 was Rs 300 crore against Rs 177.47 crore in 2005-06. A dividend of Rs 3.50 per share (35 per cent) was declared on equity shares of the face value of Rs 10 each.
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