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Hindujas chart major power play

The Hinduja Group is looking at taking majority stake in public sector ONGC's proposed Kakinada refinery project, a top company official said.

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Group gets nod for a coal-fired plant in Visakhapatnam

MUMBAI: The Hinduja group has lined up massive investments in sectors it is currently present as well as in those it is planning to enter.

Group chairman G P Hinduja said the company has received state government approval for setting up a coal-fired power plant in Visakhapatnam.

“It’s a merchant power plant, which means we can sell 75% of the power produced to anybody who is willing to buy. The rest 25%, we will have to sell to the state government. Although the final size hasn’t been decided as yet, it would be between 1040 and 1200 MW and take about 32 months to come on stream,” he said.

Currently the Rs 5,000 crore project was housed under wholly owned group company Hinduja National Power (HNPL).

Hinduja said the group was open to divesting up to 49% stake in HNPL.

President Ashok Hinduja said by Diwali, the group would launch projects in four locations — three in Bangalore and one in Hyderabad for townships, commercial, retail and entertainment spaces.

“Among the four locations, we will have 50 million sq ft. These would be FDI-compliant projects and we could bring a foreign partner also,” he said.

The four projects would soak up investments of about Rs 2,000 crore.

The group, which runs a 350-bed hospital in Mumbai, is expanding its health business. It has entered into 51:49 joint venture Dubai’s Dubai World Limitless to set up infrastructure for 5,000 hospital beds across the country.

Come December, IndusInd Bank, the group’s financial services arm, will raise money from international markets through a global depository receipt issue by diluting up to 10% of its equity.

Ashok Hinduja said the group has identified partner for its life and non-life insurance ventures whose name would be announced once the discussion reaches a conclusive stage.

The group, through Hinduja TMT, has sought unified telecom licence for 15 circles. Once the licence is received, it would hold discussions with potential foreign partners, Ashok Hinduja said.

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