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Business | Energy
TOI, Lucknow / Published Nov 26, 2009
Bajaj Hindusthan on Wednesday announced expansion of its power generation capaicty by 400 MW for Rs1,600 crore in order to build up a parallel revenue stream to reduce dependence on the cyclical nature of its main money spinner, sugar.
The board of Shishir Bajaj-controlled company approved the proposal to set up 80 MW coal-based power capacity each at five locations in Uttar Pradesh where the country's largest sugar maker has factories. The power plants are expected to be operational by next 20 months, when the current upward trend in the sugar industry is likely to be over. Post expansion, Bajaj Hindusthan will have total power generation capacity of 830 MW.
Joint Managing Director Kushagra Bajaj told ET that half of the power would be sold to the UP Government while the other half would be sold in the open market. The expansion would be funded by internal accruals and debt.
