BackEssar Power plans foray into distribution biz
Essar Power plans foray into distribution biz
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New Delhi: Aiming to become an integrated power company, Essar Power plans to enter the electricity distribution business and has applied for licences in Maharashtra and Bihar.
Essar Power had applied to the Maharashtra Electricity Regulatory Commission (MERC) for a licence to supply power in Mumbai.
The company is also looking at distribution licence in other cities.
“We have been evaluating opportunities being offered by state governments under the distribution franchisee model. We have submitted bids in the past for opportunities in Maharashtra and Bihar," the spokesperson added.
Meanwhile, Essar Power, which acquired 76% stake in Orissa’s Navbharat Power Pvt Ltd, would execute projects of over 2,000 MW capacity as part of the joint venture agreement.
Essar Power has total installed generation capacity of 1,600 MW and is focused on reaching a capacity of 9,670 MW by 2014, he said, adding which is in various stages of implementation.
On being asked whether Essar Steel is looking at selling its 1.8% stake in Essar Power to Essar Holdings, Essar Group spokesperson said, “Essar Steel and Essar Power Holdings have an agreement for such a transaction. However there is no decision yet on executing the same."
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