Abhijeet Group to infuse Rs 22,000 cr into power sector by 2015

New Delhi, Nov 21 (UNI) Power firm Abhijeet Group today said it will invest Rs 22,000 crore on various power projects for generating 5,000 MW by 2015.

''We will infuse Rs 22,000 crore to produce 5,000 MW power in the country within a period of eight years,'' group Director Abhishek Jayaswal told UNI here on the sidelines of signing a coal mining agreement with Australian firm Thiess Leighton India Pvt Ltd.

He said the funding for the project will be both by ways of internal accruals and debt.

IDFC and IL&FS are the partners the project, Mr Jayaswal said.

Commenting on its turnover, he said, ''We are seeing a whopping 100 per cent jump in our turnover at Rs 1,400 crore in the current fiscal from Rs 600 crore during last financial year.'' The company has various ongoing projects spread in Bihar, Chattisgarh, Jharkhand, Karnataka, Maharashtra and West Bengal.

Recently, the company has started a 540 MW plant in Jharkhand and 200 MW in Maharashtra with an investment of Rs 3,800 crore that would be completed by 2009.

Besides, Abhijeet Group has got necessary approval to set up a 1,200 MW power plant in Bihar at a cost of Rs 5,500 crore to be completed in the next five years, Mr Jayaswal said.

UNI