CESC to revitalize the abandoned Balagarh power project

In a bid to revitalize the abandoned Balagarh power project in West Bengal, RP-Sanjiv Goenka group company CESC will invest Rs 10,500 crore in the said project. In this regard, the company had a discussion with the state government.

Following the discussion, the company’s board has cleared the Balagarh project to set up three super-critical power projects of 660 MW each.

Further, the company is planning to raise about Rs 1,000 crore from private equity (PE) players for three projects being undertaken by its subsidiary Haldia Energy (HEL) had been put on hold.

The company posted a growth rate of 137.5% in net profit for the last quarter of 2011-12 at Rs 266 crore as against Rs 112 crore during the year-ago period. Net sales during the quarter stood at Rs 1,348 crore, registering a rise of 48.5% as compared to Rs 908 crore in the last quarter of the FY11.