Jaypee gets two power plants

LUCKNOW: The Jaypee Group is finally the owner of 3300 Mw Bara and Karchana thermal power plants. The UP Power Corporation Limited (UPPCL) on Thursday handed over the shares for the two to the group under the share purchase agreement (SPC). The inception of the projects had earlier been made under the names of the companies - Prayagraj Power Generation Company Limited (PPGCL) and Sangam Power Generation Company Limited (SPGCL).
The group purchased 14.31 lakh shares of PPGCL for Rs 143.18 crore and 15.19 lakh shares of SPGCL for Rs 151.97 crore.
The projects would thus be under the ownership of Jaypee Power Ventures. Talking to mediapersons, chairman-cum-managing director, UPPCL, Navneet Sehgal said that the land for the two projects has already been acquired. He said that around 700 hectares of the land for the two projects is available. "That is enough for the two projects to get a head start," Sehgal said. The projects would soon be dedicated by chief minister Mayawati.
According to Sehgal, they expect the two projects to start giving power by 2013. "That would ease out the power crisis substantially," the CMD said.
Executive chairman, JP associates, Manoj Gaur said that they would try to kickstart the project as soon as possible.
"We would try to order the machines for the two projects within a week," Gaur said.
UPPCL in a statement said that power would be available at a level rate of Rs 3.02 per unit and Rs 2.97 per unit from Bara (1980 Mw) and Karchana (1320 Mw) thermal power plants.