Indo Asian Fusegear up 6% on power distribution foray
ndo Asian Fusegear shares shot up 6.36 per cent to Rs 121.25 on BSE Tuesday on reports the electrical equipments maker is foraying into power distribution.
By INDIATIMES NEWS NETWORK |
MUMBAI: Indo Asian Fusegear shares shot up 6.36 per cent to Rs 121.25 on BSE Tuesday on reports the electrical equipments maker is foraying into power distribution.
The company is in talks with state electricity boards, corporations and utilities for taking up distribution network on franchise basis. It plans to float a separate company, Indo Asian Power Distribution and Infrastructure Ltd, at an initial investment of Rs 25 crore.
Indo Asian Fusegear is eyeing projects in Uttarakhand, Uttar Pradesh, Rajasthan, Haryana, Punjab and Madhya Pradesh.
The company will have a consultancy and construction wings to carry out surveys and take up construction work on turn key basis, respectively. It will initially have a workforce of over 100 engineers.
Indo Asian Fusegear plans to leverage its existing relations with state distribution companies and take over a few areas from them to increase net revenue realisation.
The company is in talks with state electricity boards, corporations and utilities for taking up distribution network on franchise basis. It plans to float a separate company, Indo Asian Power Distribution and Infrastructure Ltd, at an initial investment of Rs 25 crore.
Indo Asian Fusegear is eyeing projects in Uttarakhand, Uttar Pradesh, Rajasthan, Haryana, Punjab and Madhya Pradesh.
The company will have a consultancy and construction wings to carry out surveys and take up construction work on turn key basis, respectively. It will initially have a workforce of over 100 engineers.
Indo Asian Fusegear plans to leverage its existing relations with state distribution companies and take over a few areas from them to increase net revenue realisation.
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