Business Daily from THE HINDU group of publications
Tuesday, Aug 19, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Tuesday, Aug 19, 2008 ePaper | Mobile/PDA Version | Audio |
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Public Offer Industry & Economy - Non-conventional Energy T. Murrali Chennai, Aug. 18 Having used up the Rs 81 crore it raised from an IPO last September and with more capital projects on hand, Indowind Energy Ltd (IEL) is planning to come out with a follow-on issue. The Chennai-based company, an independent power producer in renewable energy, is looking at adding windmills with a cumulative capacity of up to 100 MW in two years. Some of the installations will happen outside India. The Chairman of the company, Mr K.V. Bala, told Business Line that the expansion would be primarily outside Tamil Nadu as wind power is becoming a “non-viable” business in the State, with the State electricity board’s tariff of Rs 2.95 a unit not being remunerative. It is looking at few States, including Karnataka, Gujarat and Rajasthan. “We are also looking at the European Union territory and our neighbouring countries to harness potential in wind energy,” he said. As the proposed expansion calls for an investment of about Rs 650 crore, IEL is planning to go in for follow-on issue, besides raising debt funds from the global market. A decision would be taken soon, he added. The company reported Rs 32 crore as turnover with Rs 8.2 crore as net profit in 2007-08 against Rs 27 crore and Rs 6.3 crore respectively reported a year ago. On the BSE on Monday, Indowind closed at Rs 56.40 a share, 2.59 per cent lower than the previous close of Rs 57.90. More Stories on : Public Offer | Non-conventional Energy
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