GVK Power to acquire thermal power plants in India
GVK Power and Infrastructure has unveiled plans to acquire two thermal power plants currently under construction in India.
The firm said it is evaluating the option for the acquisition but refused to share further details regarding as it is at an early but promising stage of the project, reports the Economic Times of India. The company also said it would not release the names of the projects, which are being developed by private power developers facing financial constraints.
GVK Power is currently engaged in the construction of four projects, including hydro and thermal energy, and aims to become a company with a generating capacity of 5,000MW in the next five years.
The projects under construction include the 330MW Alaknanda hydro facility in Uttarakhand, which is expected to be commissioned in 2013. The company has invested a total of Rs30bn ($617m) this development, which is 80% complete. GVK Power is also carrying out an 850MW hydro power project in Jammu, which will be commissioned in the next five years. Also underway is the 370MW Goriganga hydro development in Pittorgarh, Uttarakhand, which is expected to start power generation by 2013.
GVK said it has ventured into captive coal mining to fulfil the coal requirement of the Goindwal Sahib power plant and other future projects in northern India.
The firm operates three power projects with a total capacity of 900MW in Andhra Pradesh.