Finolex Cables, telecom and electrical power cables maker is in talks with Chinese and Indian companies to sell stake in its proposed 1,000 MW thermal power plant at Ratnagiri in Maharashtra. The company is looking for a joint venture partner for the power project. Finolex holds 1,000 acres in Ratnagiri and it has already received several of the necessary clearances to set up the power plant and now it plans to apply for permission to hold a public hearing.
With an investment of Rs 3.96 crore the company has set up Finolex Infrastructure to handle the power project. This is not the first time that the Finolex group has dabbled with the idea of a thermal power plant.
The company’s net profit after tax for the quarter ended June 30, 2011 declined by 12.05% at Rs 20.21 crore as compared to Rs 22.98 crore for the corresponding quarter last year. Its total income fell 6.56% at Rs 460.70 crore for the quarter under review from Rs 493.06 crore for the same quarter last year.
