The Hindu Business Line : CESC signs pact with Bihar Govt for 2,000 MW power plant

Kolkata, July 30 CESC Ltd has entered into a memorandum of understanding with the Government of Bihar to set up a 2,000-MW power plant in the State’s Bhagalpur district at an investment of Rs 10,000 crore, according to Mr Sanjiv Goenka, Vice-Chairman of the company.

Speaking to newspersons after the company’s 30th annual general meeting held here on Wednesday, Mr Goenka said the land for the project has been identified and it would be set up in two phases under a 100 per cent subsidiary —Nalanda Power Company.

In the first phase, a 660-MW plant would be set up at an investment of Rs 3,250 crore. In the second phase, two plants of 660-MW capacity each would be set up. The Union Ministry of Coal has been approached for facilitation of coal linkages or allotment of captive mines.

Mr Goenka said CESC had applied to the Jharkhand State Electricity Regulatory Commission for a power distribution licence for Ranchi. He said the water and chimney height clearances for the Haldia power project has been received while the environmental clearance was awaited. The first phase of the Haldia project would entail an investment of Rs 2,500 crore and was expected to be commissioned by the second quarter of 2011-12.

Results

During the first quarter of the current fiscal, CESC recorded a total income of Rs 842 crore, up from Rs 750 crore in the corresponding period of 2007. The profit before tax in April-June 2008 was Rs 107 crore, against Rs 93 crore in April-June 2007.

The profit after tax in the first quarter of 2008-09 stood at Rs 94 crore compared with Rs 82 crore in the corresponding period of 2007. During April-June 2008, the plant load factor of CESC stood at 101.6 per cent, the highest ever in any quarter, Mr Goenka said.

At the AGM, a dividend of Rs 4 on equity shares of the face value of Rs 10 was declared.

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