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International Finance Corporation (IFC) has picked up seven per cent equity stake in the wind power foray of the Kolkata-based Techno Electric & Engineering Company Ltd (Techno).
Expanding capacity
The Rs 700-crore EPC contractor for thermal power projects acquired 95 MW wind farm from Suzlon in 2009 and is now in the process of expanding the capacity by another 200 MW through its wholly owned subsidiary Simran Wind Project.
The Managing Director of Techno, Mr P.P. Gupta, told Business Line that Simran would implement two wind farm projects of 100 MW each in Tamil Nadu and Gujarat.
According to him, the first phase of the project (100 MW) will cost about Rs 550 crore. Of the total, $50 million (approximately Rs 225 crore) will be availed from IFC through a mixture of equity ($10 million) and debt ($40 million) to Simran.
The residual Rs 325 crore will be financed by the parent Techno.
Meanwhile, Techno in consolidation with Simran posted a net profit of Rs 23.61 crore on a turnover of Rs 152 crore (including Rs 149 crore from Techno) during the October-December 2010 quarter.
The shares of Techno today closed at Rs. 274.65, 0.36 per cent lower than the previous closing at Rs 275.65 a share on the BSE.
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