JP Group company Jai Prakash Power Ventures plans to raise Rs.1,500-2,000 crore by next month through the issue of convertible bonds to foreign investors and institutional placement to augment its generation capacity, Group Chairman Manoj Gaur said here on Monday.

The company’s current power generation capacity of 700 MW will be increased to 3,100 MW by March 2012.

“Work on adding 6,000 MW is going on and from January 2011, about 1,000 MW would be added every year. This would be thermal and hydro power,” Mr. Gaur said. The company has an operational hydro power plant of 300 MW in Baspa in Himachal Pradesh and another of 400 MW in Vishnuprayag in Uttarakhand. It is also setting up hydro plants in Arunchal Pradesh, Mehgalya and Himachal Pradesh. The company is developing thermal power plants in Uttar Pradesh and Madhya Pradesh.

Mr. Gaur said India’s strong consistent economic growth and infrastructure development had provided the company with tremendous opportunities in engineering and construction where it had an established track record as the leading hydro power company with clear competitive advantage.

The group intends to take its total capacity to over 13,470 MW by 2018 with 60:40 thermal-hydro mix. Its 300 MW Baspa II hydro-electric project in Himachal Pradesh and 400 MW Vishnuprayag in Uttarakhand are progressing will. Work on the group’s 1,000 MW Karcham-Wangtoo project is on fast track with the project slated for commissioning six months ahead of schedule.

JP Associates net dips

JP Associates also announced that its net profit declined by 38.90 per cent to Rs.103.02 crore for the quarter ended December 31, 2009. Total income of the firm rose to Rs.2,963.83 crore for the third quarter ended December 31, from Rs.1,416.82 crore in the same period during the previous fiscal.

More In: Companies | Business