GVK Power plans to raise Rs240 cr for Punjab unit
GVK Power and Infrastructure (GVKPIL) plans to raise Rs 240 crore for its power unit in Punjab. The funds are proposed to be raised by divesting a 40% stake to private equity funds.
The proceeds will be used at a later stage in the project. The company is building a 600 MW coal-based thermal power plant at Goindwal Sahib in Punjab at a cost of Rs3,000 crore. Of this, Rs2,400 crore is the debt component and balance Rs600 crore is the equity component.
GVKPIL has already infused equity of Rs 300 crore. Another Rs 240 crore is proposed to be raised from PE funds.
The project comprises building two steam turbines of 300 MW each. It is expected to achieve financial closure by the end of this fiscal. It is developing projects based on coal, gas and hydel resources.
The company’s gas-based projects are awaiting the supply of gas from Reliance Gas Corporation.