The RP-Sanjiv Goenka Group is planning to set up a 600 MW thermal unit in Uttar Pradesh, according to Chairman Sanjiv Goenka .
Addressing the media after announcing CESC’s third quarter results, he said that the company had already written to the Uttar Pradesh government on this. Mr Goenka also said that the first unit of the company’s 300x2 MW Chandrapura project in Maharashtra would be commissioned by June 2013, followed by the second one in October 2013.
The first 300 MW unit of the Haldia power plant would be commissioned by September 2014. “The total cost of this 600 MW project is Rs. 3,300 crore and this is a significant investment for us in West Bengal as its completion in December 2014 would make us independent of imports,” he said.
Mr Goenka said that CESC’s improved profitability in the third quarter came mainly due to improved efficiencies and not due to the tariff hikes awarded by the regulator. CESC closed the three-month period ending December with a 5.6 per cent increase in sales revenue (Rs. 1040 crore) and a 36 per cent increase in post-tax profit (Rs. 101 crore).
On CESC subsidiary Spencer’s, Mr Goenka said that financial advisers had been appointed to suggest the way forward for the unlisted entity which was now beginning to turn around. The options include listing. He said that the retailer had now begun moving into Tier-II cities.