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Tiana Power acquires 1,320 MW thermal proj from AGC Power

Last Updated: Sunday, April 11, 2010 - 15:56

Mumbai:Tiana Power Projects, promoted by US-based Nathani family, today said it has acquired 1,320 MW thermal power project from AGC Power (India) for Rs 23 crore in Andhra Pradesh.

"We have acquired thermal power project of 1,320 MW from AGC Power (India) Pvt Ltd, owned by AGC Corporation Sdn Bhd of Malaysia for a total consideration of Rs 23 crore at Nellore district in Andhra Pradesh," Tiana Group promoter Ashiqali M Nathani told in Mumbai.

The company proposes to buy land at Nellore to set up a Rs 4,000-crore thermal power project, Nathani said, adding that power generation from this plant would begin after three years.

It has also acquired four coal mines in Indonesia, which will be used for the said power project, he said.

Tiana Group has drawn up a massive Rs 16,800-crore investment in power sector in Maharashtra, which includes wind energy project, in Satara district and thermal power projects in Anjarle and Dabhol in Ratnagiri, Nathani said.

The wind based power project would begin in Karad with an investment of Rs 1,800 crore. Construction for the windmill power project would begin by April this year and would be completed within nine-months.

The wind mill is to be established in Karad and would encompass about five nearby villages, Tiana Power's Director, Gajanan Kanitkar said.

The windmills would generate about 300 MW power which would be given to the Maharashtra State Electricity Board (MSEB), Kanitkar said.

Tiana Power Projects would also set up a thermal power plant at Anjarle in Ratnagiri with an estimated investment of Rs 6,000 crore generating 1,500 MW power, Nathani said.

The thermal plant would be spread over 2,500 acres and would be completed within three years, depending on the timely clearances from the government, he said.

Nathani pointed out that the thermal plant would be utilizing coal as raw material.

The third power plant of 2,000 MW preferably with gas as its raw material would be set up at Dabhol with an investment of Rs 9,000 crore, Nathani said.

Tiana Group has its presence in five segments, with Tiana Power Projects as the flagship company in Power, Tiana Impex Pvt Ltd for import/export, Tiana Shipping Pvt Ltd for chartering and cargo handling, Tiana Infra Pvt Ltd for infrastructure development and Tiana Leasing and Finance Pvt Ltd for lease financing in housing and industrial sectors.



First Published: Sunday, April 11, 2010 - 15:56
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