Friday, Aug 05, 2005
Tata Power plans huge outlay
To set up plants in Bangladesh and South Africa besides Raigad in Maharashtra
[OVERSEAS FORAY: The Chairman of Tata Power Company, Ratan Tata (right), with the Director, A. J. Engineer, at the company's annual meeting in Mumbai on Thursday. — Photo: Shashi Ashiwal]
MUMBAI: Tata Power Company would invest Rs. 18,500 crore in the next five years in new projects including some abroad and is planning a 500 MW plant in South Africa at an investment of Rs. 2,000 crore.
"South Africa, which was earlier surplus in power, is facing some power shortage and there is a move to seek private sector power in good terms,'' TPC Chairman Ratan Tata told the annual general meeting here on Thursday.
The company was looking to set up a 500 MW plant in that country at a cost of Rs. 2,000 crore and it would be with an international joint venture partner, Managing Director Adi Engineer said. He said the company would invest Rs. 18,500 crore in various projects including the proposed 1,000 MW in Raigad district in Maharashtra.
The company was considering another site at coastal Raigad so as to save fuel transport costs he said, adding that a plant in Raigad would come up in the next three-and-a-half years. The company would invest $244 million in equity in the proposed power plant in Bangaladesh, while $570 million would be through debt, he said.
PTI
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