GMR Infrastructure sets up 1000 mw power plant in Orissa

Kolkata, Jul 28 (UNI) GMR Infrastructure Limited, Chennai based Rs 12,500 crores infrastructure development giant of India, has targetted to modernise the Delhi and Hyderabad international airports under private participation by 2010.

It also plans to set up a 1000 mw coal based power plant in Orissa within the next four years at a cost of Rs 5,000 crores.

This was announced here today by GMR Managing Director B V N Rao while speaking to newsmen about the company's decision to approach the capital market with a public issue of more than 38 million equity shares of Rs ten each. The issue will remain open for subscription from July 31 to August four with a price band of Rs 210 to Rs 250 for every share.

Mr Rao said after winning the All India bidding for modernisation of both Hyderabad and Delhi international airports to cope with the potential increase of passengers,GMR now owns about 63 per cent of the Hyderabad and 50.10 per cent of Delhi Airport in accordance with the government concessions.

He said with the inclusion of about 5500 acres of land for the all round developmernt of Hyderabad Greenfield airport at a cost of Rs 560 crores,it was likely to be operational towards the end of the first quarter of 2008,while the Delhi airport, to be modernised at a cost of Rs 240 crores would be operational before the 2012 Commonwealth Games.

He said for this purpose the GMR had formed a technical consortium and signed technical agreements with Fraport AG of France and the Malaysian Airport construction company for operating, managing and developing both the airports under time bound schemes. About GMR's plan for the 1000 mw coal based power plant at Kamalanga near Talcher within the next four years,Mr Rao following the signing of a Memorandum of Understanding with the Government of Orissa and the Orissa Power Corporation,the detailed survey of the project site had already began.

After it came up GMR would be duty bound to supply at least 12 per cent of its total capacity of power to the Orissa government at the rate of Rs two per unit.

"We have also started negotiations with the concerned authority for the ownership of captive mines to ensure un-interrupted supply of raw materials to the proposed plant," he said.