HEGC to begin work on power plant by October

Construction work on Hindustan Electricity Generation Company’s (HEGC) Rs10-billion (Dh0.777bn), 2,500 MW power plant near Pune, India, will begin by October, a top company executive told Emirates Business. 

“We will begin construction of the power plant by October. We will be finanlising the contractors in the next one month as bidding process is over,” Darshan Hiranandani, Managing Director, HEGC, said. 

HEGC, which is part of Mumbai-based real estate developer Hiranandani Group, aims to build the plant within the next four years. 

Asked where the company was looking to sell power, Hiranandani said: “We are looking to sell power to Maharashtra and even to some other parts of India. We also intend to sign some power supply agreements.”

He, however, ruled out plans to launch more such projects any sooner, saying, “We believe in taking small and secure steps.”

Indian media had reported Niranjan Hiranandani as saying the project would be

funded through debt and equity at a 3:1 ratio with HEGC even raising funds through private placement of shares.

“We have given the job to a consultancy firm, which will help us get the clearer picture of the envisaged project. The amount we would be required to raise through private equity and all other nitty-gritty would become clearer when we get their report,” he had told Press Trust of India. 

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