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| GFL to produce 500 Mw of wind power by March '11 |
| Sohini Das / Mumbai/ Ahmedabad Jan 09, 2010, 01:03 IST |
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Gujarat Fluorochemicals' (GFL), a part of the $2 billion Inox group that has diversified interests in chemicals, engineering and entertainment, will generate 500 mw of wind power in the initial stages that is slated to take off in October this year.
It has chalked out a Rs 6000 crore plan to generate 1000 mw of wind power over the next five years, and has already invested Rs 150 crore to set up turbine manufacturing facility in Una, Himachal Pradesh that is all set to go onstream in February. "The first set of three test turbines would be ready by March and then we plan to monitor their performance over April to September, the high wind season, before we go for generation in October.", explained Deepak Asher, GFL's director and group head for corporate finance.
He added that the company has tied up land in the states of Rajasthan, Gujarat and Karnataka to generate about 500 mw in the initial phase. Starting October, GFL's generation is expected to touch 200 mw by March 2011, drawing an investment of Rs 1200 crore. GFL is in process to identify suitable locations based on wind pattern studies and energy output estimations across the country. "We are working on tying up land for our wind farms and have also initiated the land acquisition process in some areas.", Asher said without giving out further details.
Most of the investment would be made from internal accruals. Asher claimed that the company had liquid funds of around Rs 1000 crore available to make the initial investment, and could leverage that later to access debt. GFL had registered a turnover of Rs 1100 crore in 2008-09 and hopes to touch Rs 1250-1300 crore this fiscal.
The company is yet to tie up formally with state electricity boards to supply power. GFL had already done a pilot project of 23.1 mw wind farm at Gude Panchgani, Maharashtra, with an agreement with the Maharashtra State Electricity Board (MSEB) to supply power for 13 years with an investment of Rs 160 crore.
Asher informed that a separate subsidiary, Inox Wind Ltd has been set up for manufacturing the turbines. However, the wind farms would be managed by GFL itself.
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