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GVK Power & Infrastructure Ltd is in a ‘wait and watch’ mode and awaits the defence ministry clearances for development of oil and gas fields.
The diversified infrastructure development company, which has seven deepwater blocks with mining major BHP Billiton as its partner, has hit defence hurdle in taking up the exploration project.
The company management in its annual report for 2012-13, filed with the stock exchanges, has indicated that that defence nod is necessary to take the exploration works further. The Government is examining the issue. Several other projects too, have hit defence and security issue.
The company had completed 2D seismic data acquisition and processing in Calgary by Westerngeco and Edcon. But further exploration has hit a roadblock as some of these are falling within the jurisdiction of Ministry of Defence, who raised objections.
ENERGY
The company indicated that its 330 MW Rs 4,200-crore Alaknanda project is likely to be completed shortly and become operational. The 540-MW Goindwal Sahib thermal coal power project in Tarn Taran in Punjab is expected to be operational by year-end.
Referring to gas-based projects, it said that all the company’s gas plants have been affected due to lack of supplies from KG basin fields like most other companies. It expressed that things would get better as supplies improve.
On the road project front, it said that concession agreements for most of the road projects are being returned back from NHAI for various factors such as right of way, environmental clearances and restrictions imposed by the Supreme Court.
>rishikumar.vundi@thehindu.co.in
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