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SREI Group on Monday announced amalgamation of its listed power distribution arm DPSC with group outfit India Power Corporation. The integrated entity will be named as India Power.
DPSC Ltd distributes 250 MW electricity in Asansol, West Bengal. This apart, the company was recently awarded with distribution rights for Gaya in Bihar. DPSC shares closed at Rs 15.45, up by 2.66 per cent, on the NSE on Monday.
According to Arun Kedia, Chief Financial Officer, India Power, the company is currently, implementing a 450-MW generation facility entailing an investment of Rs 2,650 crore at Haldia in West Bengal. The company also has electricity distribution rights in Asansol in West Bengal and Gaya in Bihar. The franchise for Gaya was awarded recently. India Power’s current generation capacity includes around 100 MW of renewable energy and 12 MW of thermal power.
Following the merger, the new entity will have a revenue of Rs 650 crore as on March 31, 2013, and an asset size of Rs 1,400 crore.
India Power, meanwhile, is on the look out for coal assets in Africa for its upcoming power projects. The company is carrying out exploration in South Africa, Botswana and Tanzania.
“We are actively looking for coal assets in Africa. Exploration work in the area has begun,” Hemant Kanoria, Chairman, India Power, told reporters here. He, however, did not reveal details about the expected size of the mine or the investments that are being made by India Power.
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