Hinduja Group invests heavily in India's power sector
LONDON, UK - Yet another of India's corporate stalwarts is investing in the power generation sector. The family-controlled Hinduja Group (London) is planning to invest about $10 billion in Indian power projects over the next 10 years to add about 10,000 megawatts (MW) of installed power and contribute to the 78,000 MW of additional power targeted for the country over the next five years.
The group, with widely diversified global interests, will start its foray into power with the 1,200 MW/2,000 MW Vizag project in Andhra Pradesh that was first discussed in 1994. The company is looking to secure an official coal-linkage agreement to feed the project from the Mahanadit coalfields. After the source and quality of the coal feed has been confirmed, bids will be invited for the power plant equipment. An agreement for land for the project has already been made with the state government.
Hinduja is also considering 4,000 MW ultra-mega power projects when the government invites bidding on specific power stations. The company is in negotiations with a number of state governments, including West Bengal, to set up a range of power projects.
The group employs 30,000 people worldwide and has interests in industries including autos, banking and finance, energy and hydrocarbons, IT and technology, media and entertainment, and real estate.
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Built on six acres, the one-megawatt generator and its 3,500 solar panels will produce power to be sold into the province’s electrical grid, providing annual revenues for the band of $80,000 to $150,000, depending on energy demand and pricing.
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It was paid for with grants…
