Surana Inds to save up to Rs 10 crore in power bills
The company had set up a wind mill division two years ago comprising eight wind mills with a capacity of 1.5 MW each.
By PTI |
MUMBAI: Chennai-based Steel manufacturer Surana Industries on Friday said it will save up to Rs 10 crore in power bills by utilising the 12 MW electricity generated by its wind mills.
The company had set up a wind mill division two years ago comprising eight wind mills with a capacity of 1.5 MW each, Surana Industries said in a communique to the Bomaby Stock Exchange.
These wind mills at Radhapuram in Tamil Nadu are capable of producing around 3,80,00,000 units annually, the company said.
The project cost Rs 81 crore for which the company had taken Rs 60 crore as term loan from banks, it added.
Also, the company will set up a thermal power plant of 35 MW in Raichur, the cost of which would be Rs 120 crores, the steel maker said.
The electricity produced from the Raichur thermal project would be utilised for its Raichur Integrated Steel Complex which is being set up at a cost of Rs 471 crore, it said.
The company is planning to set up a subsidiary to take over the power plant at Raichur as well the Wind Mills at Radhapuram.
"The idea for starting the separate company is to have a large scale expansion in future in the power sector as the country is in need of power," it said.
A separate company would have all the advantages for future expansion and it would make the process of locating financial resources easier for Surana Industries, it added.
This arrangement would be finalised after getting the due permission from the financing banks, Institutions and authorities, it said.
Shares of the company were last trading up 18.93 per cent at Rs169.65 at the BSE.
The company had set up a wind mill division two years ago comprising eight wind mills with a capacity of 1.5 MW each, Surana Industries said in a communique to the Bomaby Stock Exchange.
These wind mills at Radhapuram in Tamil Nadu are capable of producing around 3,80,00,000 units annually, the company said.
The project cost Rs 81 crore for which the company had taken Rs 60 crore as term loan from banks, it added.
Also, the company will set up a thermal power plant of 35 MW in Raichur, the cost of which would be Rs 120 crores, the steel maker said.
The electricity produced from the Raichur thermal project would be utilised for its Raichur Integrated Steel Complex which is being set up at a cost of Rs 471 crore, it said.
ADVERTISEMENT
The company is planning to set up a subsidiary to take over the power plant at Raichur as well the Wind Mills at Radhapuram.
"The idea for starting the separate company is to have a large scale expansion in future in the power sector as the country is in need of power," it said.
A separate company would have all the advantages for future expansion and it would make the process of locating financial resources easier for Surana Industries, it added.
This arrangement would be finalised after getting the due permission from the financing banks, Institutions and authorities, it said.
ADVERTISEMENT
Shares of the company were last trading up 18.93 per cent at Rs169.65 at the BSE.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
