Sahara India Power, Korean firm to set up 6,000MW power plants

Sahara India Power and Korea East-West Power have entered into a pact for developing power plants, with a total capacity of 6,000MW

East-West Power Co would set up power plants with a total capacity of 6,000MW in the country. Sahara India Power is part of the diversified Sahara group.

Both Sahara India Power and Korea East-West Power have entered into a pact for developing power plants, with a total capacity of 6,000MW. They would jointly participate in tariff-based bidding for ultra mega power projects (UMPPs) and also look at other opportunities in India.

The proposed 6,000-MW plants would include setting up of a 1,320 MW power Plant in Titlagarh, Orissa. This plant, based on supercritical technology, would be developed with an investment of about Rs8,000 crore, Sahara Power India said in a statement.

"We are delighted to partner with Korea East-West Power Co, in setting up 6,000 MW power projects in India. The association will bring in world class high end technological advancements in power generation...," Sahara India Power CEO Ashok Bhargava said.

Korea East-West Power Co President and CEO Lee Gil-Gu said the company is happy to associate with Sahara India Power and would also bring its international expertise in power generation.

The entity is one of the five power producers spun off from Korea Electric Power Corp (KEPCO). Indian power sector is expected to see a capacity addition of over 80,000 MW during the 12th plan period (2012-17), with significant contribution from private players.

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GTL Q1 net profit dips 68% at Rs12 crore

GTL had posted a net profit of Rs37.48 crore in the June 2010 quarter

Telecom infrastructure firm GTL today reported a 68.14% dip in its net profit at Rs11.94 crore for the first quarter ended 30 June 2011.

The company had posted a net profit of Rs37.48 crore in the same quarter last fiscal, GTL said in a filing to the Bombay Stock Exchange (BSE).
"The rise in interest cost from Rs28.64 crore in quarter ended June 2010 to Rs76.34 crore in the current quarter has led to fall in the net profit of the company," it added.

Net income from sales was, however, up 35.13% at Rs833.73 crore for the reported period compared to Rs616.98 crore in April-June quarter of 2010, it added.

During the quarter, ICICI Bank had acquired 29.30% stake in the company, worth over Rs213 crore, after invoking the rights on the shares pledged to it.

This would make the bank the major shareholder in GTL, but it is exempted from making any open offer as per the current regulation.

In the late afternoon, GTL was trading at around Rs48.75 per share on the Bombay Stock Exchange, 5.89% down from the previous close.

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ICICI Bank launches two fixed interest home loan products

Under the new scheme, a borrower will pay an interest of 10.50% for a home loan under Rs25 lakh for the one year fixed interest rate and 10.75% per annum for the two year fixed product

ICICI Bank has launched two home loan products, which give borrowers the option of having a fixed interest rate for up to the first two years of a loan.

"Fixed income rates will shield customers from frequent changes in home loan interest rates and protect them from any rise in interest rates over the next one or two years," a bank statement said.

The Reserve Bank has raised its key short term rates a record 11 times since March, 2010 to tame inflation. The headline inflation for July 2011 stood at 9.22%, much above RBI's comfort. As the RBI's hikes get transmitted, retail borrowers are among the worst hit as domestic budgets go awry.

Under the new scheme, a borrower will pay an interest of 10.50% for a home loan under Rs25 lakh for the one year fixed interest rate and 10.75% per annum for the two year fixed product, it said.

On completion of fixed interest rate period, loans will turn floating in nature and will be linked to the bank's base rate, it said, adding that borrowers will also have to pay a margin above the base rate, which will be decided at the time of loan sanctioning.

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