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Tiana Power Projects, part of the Pune-based Tiana Group, has entered into technical collaboration with Kepco E&C of South Korea for erection and project consultancy for its power projects.
Mr A.M. Nathani, Founder of Tiana, said the company has four power projects in the pipeline, two in Maharashtra and one each in Kochi and Andhra Pradesh.
The two projects of 1,600 MW and 2,400 MW in Maharashtra will be commissioned at Anjarle and Adur-Budhalkand in Ratnagiri district. Both have received approval from the Environment Ministry. The projects in Kochi and Andhra Pradesh will be of 1360 MW each.
The company has acquired 6,000 acres each for the Maharashtra projects. It has signed gas supply agreement with Bharat Petroleum Corporation for the Maharashtra and Kochi projects.
The joint venture agreement was signed by Mr Nathani and Mr Ahn Kwang Jin, Vice-President, Plant Division of Kepco, which has received orders worth Rs 5,500 crore.
“All the four projects will be completed in three-four years with a total cost Rs 18,000 crore, which will be met from internal accruals. The power generated will be sold to the State Governments,” said Mr Nathani.
Promoted by the US-based Nathani family, the Tiana Group has interests in power, shipping, infrastructure, leasing and finance in India and has recorded a turnover of Rs 3,000 crore last fiscal.
In April last year, Tiana Power acquired 1,320 MW thermal power project of AGC Power in Andhra Pradesh for Rs 23 crore.
Mr Shrenik Jayantilal Jain, Managing Director, Tiana Power Projects, said the cost of gas power generated is estimated at about Rs 1.25 per unit which will be much lower than Rs 2.40 (a unit) from other fuel sources.
“We will supply power to various State Governments at much cheaper rates so it can be passed on to the consumer at rates lower than the present Rs 4.50 a unit,” he added.
Tiana Power is working on a 100-MW wind power project in Kutch expected to go on stream in May. On completion, it will be run by Enercon (India) and supply power to the Gujarat Government.
The company has two wind power projects of 25 MW each at Jaisalmer, Rajasthan and Satara in Maharashtra being commissioned at an investment of Rs 142 crore each and expected to be up and running by end-2011.
It has also received in-principle approval to set up 90 power projects in thermal, hydel, solar, wind and nuclear power segments, said Mr Jain.
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