International BusinessJaiprakash Power Ventures to raise Rs 1,500-2,000 cr
Jaypee Group firm Jaiprakash Power Ventures today said it will raise Rs 1,500-2,000 crore through convertible bonds issued to foreign investors and institutional placement by next month to augment its generation capacity.
- Jaiprakash Power Ventures appoints Sunil Kumar as VC, CEO - Jaypee, L&T sign Rs 4,000 cr contract for MP power project - Pre-IPO placements back in vogue
"We will raise Rs 1,500-2,000 crore by February for increasing our capacity," Jaypee Group Chairman Manoj Gaur told reporters here.
The company"s current power generation capacity of 700 Mw which will be increased to 3,100 Mw by March 2012.
"Work on adding 6,000 Mw in the company is going on and from January 2011, about 1,000 Mw would be added every year.... This would be both thermal and hydro (power plants)," Gaur said.
The firm has an operational hydro power plant of 300 Mw in Baspa in Himachal Pradesh and another of 400 Mw in Vishnuprayag in Uttarakhand.
It is also setting up hydro plants in Arunchal Pradesh, Mehgalya and Himachal Pradesh.
The company is also developing thermal power plants in Uttar Pradesh and Madhya Pradesh.