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CESC Ltd has lined up a mega investment plan for renewable energy in the next 18 months.
Sanjiv Goenka, Chairman of CESC, said at a press conference that the company intends to invest Rs 3,000 crore for generating 500 MW power from solar and wind power projects in Tamil Nadu, Madhya Pradesh, Gujarat and Rajasthan. Currently the company produces 75 MW power from renewable energy sources whereas it produces coal-fired power of 2,500 MW.
Solar power project
The company has already started work at a proposed 15-MW solar power project in Tamil Nadu, which is expected to be ready in December, Gonenka said.
The Union Government has rolled out several incentives, including tax breaks for grid-smart renewable power generation. The Ministry of New and Renewable Energy is evolving guidelines according to which all power producers in private and public sector would have to generate 10 per cent of solar power of their total installed capacities to lighten the smart cities.
Meanwhile, Goenka siad the company was also looking to acquire stressed thermal power projects. "We are evaluating opportunities. We are in talks with a couple of stressed power plant owners," he said without elaborating further.
Q1 results
CESC has reported a net profit of Rs 152 crore in the first (April-June) quarter of this financial year against Rs 151 crore in the corresponding quarter in the previous year.
During the quarter, Spencer Retail, a division of the company, made its maiden monthly profit in May.
"We are nearing the end of the gestation period. We hope to make first quarterly profit during the third quarter this year," Goenka said.
The division now has 118 stores in over 35 cities. It has planned to open new hypermarkets this financial year with the addition of 2.75 lakh square feet of trading area.
During Q1, division had launched three stores in Hyderabad and coastal Andhra -- at Trimulgherry, Karimnagar and Malkajgiri. It said three to four new stores are in the pipeline in Q2.
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