Power utility CESC is likely to raise Rs 1,000 crore by selling shares in its wholly owned subsidiary Haldia Energy to part fund three of its projects. CESC has initiated discussion with some private equity (PE) firms and expects to conclude a deal by February 2011. The total equity outlay for these projects is expected to be Rs 3,000 crore. Total investment is estimated at Rs 12,500 crore. These three projects are located in Haldia, West Bengal; Chandrapur, Maharashtra; and Talcher, Orissa. They would generate 2,500 MW in all. Haldia Energy has secured commitment from banks for funding its 600MW Haldia project. Its construction is expected to begin in January and the plant would be commissioned in three years.
Contact: CESC Power. Tel: 033 -2225 6040. Fax: 033 2225 3495. E-mail: msm@rpg.in Website: www.cescltd.com