India Power sets up power plant at Uttarakhand

This follows India Power's successful acquisition of 1,000 MW thermal power plant of Meenakshi Energy Private Limited, now known as Meenakshi Energy Limited, now known as Meenakshi Energy Limited ("Meenakshi"), owned by French power giant ENGIE. The joint venture between one of the largest German power utilities Uniper and India Power has also started its activities with management of power plants.

These along with commissioning of 150 MW-unit out of 450 MW at the company's Haldia plant, lower T&D losses and improving profitability are expected to result in multi-fold growth in India Power's businesses, maximising shareholders' value in the process.

The consolidated estimated enterprise/asset value of India Power is now close to Rs 15,000 crore, and with a combined debt of around Rs 6,000 crore the company is now one of the less leveraged power generation and utilities companies in the country.

Commenting on the developments, Hemant Kanoria, Chairman, India Power, said: "With over nine-decade long legacy, India Power has been navigating the fast-changing market scenario. The company has been growing its businesses profitably despite the stress in the energy space in recent years. We are now on a high growth trajectory, which will improve our financial performance further and enhance shareholders' value. The power sector still has its challenges but we clearly see growth prospects."

The Board of Directors at its meeting here on Monday approved the company's audited financial accounts for the year ended March 31, 2017 and recommended a dividend of 5% to the shareholders.

India Power closed last financial year with a remarkable all-round performance. The consolidated profit after tax (PAT) was Rs 37.29 crore in 2016-17. Profit before tax (PBT) improved from Rs 46.55 crore in 2015-16 to Rs 61.96 crore during the last financial year. Gross revenue for 2016-17 was at Rs 726.68 crore compared to 760.99 a year earlier.

The Board of Directors has also appointed Raghav Raj Kanoria as Managing Director of India Power.

Commenting on his appointment, Raghav Raj Kanoria, said: "I feel privileged and excited to work with an excellent team of professionals in India Power. I have been working in the company for the last six years and across the distribution, finance, generation, mergers and acquisitions verticals, which has provided me with valuable insights and hands-on experience. The team at India Power has greatly contributed to my intense learning. Our objective will be to strengthen the company's leadership position in the power sector and create a "lateral thinking" organisation, which will enable us to capitalise on the present acquisition opportunities in India and also introduce technological innovations in order to reduce power costs for the consumers."