Financial Daily from THE HINDU group of publications
Monday, Jan 05, 2004
Financial Daily from THE HINDU group of publications Monday, Jan 05, 2004 |
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Industry & Economy
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Power Suryachakra's power project in Andamans to be dedicated to nation tomorrow Our Bureau
Hyderabad , Jan. 4 SURYACHAKRA Power Corporation Pvt Ltd has announced that its 20-MW diesel-based power project at Bambooflat in the Andaman & Nicobar Islands is scheduled to be dedicated to the nation on Tuesday. The company is a joint venture between the US-based Caterpillar Power Ventures, BSES Ltd and Dr S.M. Manepalli and Associates. In a press release here on Sunday, the company said the project in Bambooflat commenced generation of power from April last year. The company entered into a power purchase agreement with the Andaman & Nicobar Administration for supply of power for a period of 15 years with an option to revive for another 15 years. According to the company, this was the first independent power project in the private sector to come up in the Andaman & Nicobar Islands. The project was financially assisted by State Bank of India and Srei International Finance Ltd. The company had entered into an agreement with Indian Oil Corporation for supply of required fuel for the power generation, the company said. Enthused by the success in implementing another power project in the North-Eastern region, the company was now gearing up to enter into EPCC business for power projects such as biomass, captive and IPP and might opt for listing at a later date, the Suryachakra Director, Mr V.S. Murthy, said.
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