BWI: Tiana Group Announces Massive Rs. 16800 crore Investment in Power Sector in Maharashtra

Press release from Business Wire India
Source: Tiana Group
Friday, April 09, 2010 04:02 PM IST (10:32 AM GMT)
Editors: General: Consumer interest; Business: Banking & financial services, Business services, Energy companies, Financial Analyst, Media & entertainment
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Tiana Group Announces Massive Rs. 16800 crore Investment in Power Sector in Maharashtra
Wind Energy Project, Near Karad in Satara District Thermal Power Projects in Anjarle and Dabhol in Ratnagiri

Pune, Maharashtra, India, Friday, April 09, 2010 -- (Business Wire India) -- Pune based Tiana Group, one of the new entrants in the power segment, is setting up three power projects in Maharashtra with a total estimated of investment of Rs. 16,800 Crores. Tiana Power Projects Pvt. Ltd., the flagship company of the group is establishing its presence in thermal, wind and hydro to begin with and would be gradually entering into other branches like solar and geo thermal.

Mr. Mohammedi A Fatehi and Mr. Gajanan Kanitkar, Directors of the Company said the first one; a wind based power project would begin in Karad with an investment of Rs. 1,800 Crores. The construction for the windmills power project would begin by April 2010 and would be completed within nine months. The wind mill is to be established in the Gouliwada village in Karad and would encompass about five nearby villages.

The windmills would be generating about 300 MW of power which would be given to the Maharashtra State Electricity Board (MSEB). Mr. Kanitkar said the wind mill will be installed, operated and maintained by agencies like Ennercon who are a major player.

Mr. Mohammedi A Fatehi said Tiana Power Projects Pvt. Ltd. would also be setting up a Thermal Power Plant at Anjarle in Ratnagiri district with an estimated investment of Rs. 6,000 Crores generating 1,500 MW of power. The thermal plant would be spread over 2,500 acres and would be completed within three years, depending on the timely clearances from the government. He said the thermal plant would be utilizing coal as its raw material and might be brought in from Indonesia as its ash percentage is about 13 percent as compared to the 37 to 39 percent from Indian coal.

The third power plant preferably with gas as its raw material would be set up at Dabhol. Investment would be approximately Rs. 9,000 Crores for 2,000 MW. With the three plants in operation, a total of 4,000 MW approximately would be the power generation which would be handed over to the MSEB.

Mr. Mohammedi A Fatehi said that in Nellore district in Andhra Pradesh, Tiana Power has taken over AGC Power (India) Pvt. Ltd. Owned by AGC Corporation Sdn Bhd of Malaysia having the thermal power project of 1,320 MW for a total consideration of Rs. 23 Crores. The power generation from this plant would also begin after three years.

Tiana Group has its presence in five segments, with Tiana Power Projects as the flagship company in Power, Tiana Impex Pvt. Ltd. for Import/Export, Tiana Shipping Pvt. Ltd. for Chartering and Cargo handling, Tiana Infra Pvt. Ltd. for infrastructure development and Tiana Leasing and Finance Pvt. Ltd. for lease financing in housing and industrial sectors. The group began its activities in August 2009.


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CONSUMER, BANKING, BUSINESS SERVICES, ENERGY, Financial Analyst, MEDIA

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