IFFCO postpones Rs 600cr IPO of Chhattisgarh power unit

NEW DELHI: Indian Farmers Fertiliser Cooperative Ltd ( IFFCO) today said it has postponed the launch of Rs 600-crore initial public offering of its Chhattisgarh power project.

"It will take another one year to launch IPO," IFFCO Managing Director U S Awasthi told reporters on the sidelines of a conference on cooperatives.

The proposed IPO was to be launched in 2011-12 fiscal. It has, however, been delayed as its power subsidiary IFFCO Chhattisgarh Power Ltd (ICPL) has got the environment clearance only in May, this year, he said.

ICPL, which is a JV between IFFCO and Chhattisgarh State Electricity Board ( CSEB), plans to raise Rs 600 crore from the capital market to fund its power project, he added.

The 1,320 MW coal-based power plant is coming up at Salka village in the Sarguja district of Chhattisgarh. The total investment is estimated at Rs 7544 crore with debt equity ratio of 70:30.

IFFCO is one of the largest producers of chemical fertilisers in the country. The cooperative has expanded its existing units, set up joint venture companies overseas and diversified into new sector.