Shinde optimistic on the future of Ultra Mega projects

New Delhi, May 4 (UNI) Terming the recent roadshow in US and Canada, to attract investor in the country's ultra mega power projects, as a grand success, Union Minister for Power Sushilkumar Shinde today said several companies had evinced interest in the country's power sector.

''The Power sector at present yields growth rates of 6 to 8 per cent, a number which is expected to reach 10 per cent. We got a tremendous response from our roadshow in USA and Canada and were highly successful in creating an awareness on the investment opportunities in the power sector in India. We met around 75 companies, NRIs, executives from various fields of industry and investment, law firms, Environmentalist power Companies, (EPC) contractors and equipment suppliers,'' Mr Shinde said.

The minister also clarified that they discussed various issues including the payment security, which will be guaranteed by the financial institutions.

''Questions regarding various issues including payment mechanism were handled by the delegation and clarifications were given to them through presentations by the Ministry of Power so that their perceptions were clarified and fears expelled,'' he added.

When the question of free electricity for the poor was raised, Mr Shinde said a provision for free electricity should be allocated in the budget.

Apart from this delegation, three other delegations had gone one each to China, Europe, Australia and New Zealand.

Organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), the roadshow was held from April 22 to May 1, 2006.

The five Ultra Projects have been identified as Sasan Power Ltd in Madhya Pradesh, Akaltara Power Ltd in Chhattisgarh, Coastal Gujarat Power Ltd, Coastal Karnataka Power Ltd and Maharashtra Ultra Mega Power Project company.

All these projects have a capacity of 4,000 MW and would also have scope for expansion in the future.

While the Sasan Power Project and the Akaltara Power Project are at pit head sites the rest three are at coastal locations.

UNI MP RA BD1712