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GMR to use imported coal for Dapoli unit

Bangalore-based GMR Infrastructure will run its proposed 1980 mw power plant in Maharashtra on coal sourced from South Africa.

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MUMBAI: Bangalore-based GMR Infrastructure will run its proposed 1980 mw power plant in Maharashtra on coal sourced from South Africa.

In April, the company had acquired a 10% stake in mining firm Homeland Mining & Energy in South Africa, a subsidiary of Homeland Energy Group of Canada. It plans to increase this by another 40% before the end of the current calendar year.

GMR has already initiated the land acquisition process for the power plant that is proposed at Dapoli near Dabhol.

GMR Infrastructure currently has three operating non-coal power plants in India that generate over 800 mw. Over 3000 mw of capacity is under construction. Out of this, two 1000 mw power plants are coming up in Orissa and Chhattisgarh.

“The land acquisition and the awarding of the EPC contract for the 1000mw thermal power project in Kamalanga, Orissa, will be completed in the next quarter,” said a press release issued by the company on Wednesday after the announcement of the first quarter results. The plant would achieve financial closure by August.

The official said GMR is looking at increasing its international presence in the power sector through Intergen NV, which it acquired in June this year. Intergen has a total capacity of 12700 mw spread across the world.

For the quarter ended June 2008, GMR posted a 85.79% rise in net revenues to Rs 885.47 crore. Profit after tax fell 41.44% to Rs 40.69 crore.

“The profit after tax for the quarter is lower as compared with the corresponding quarter of the previous year mainly due to notional foreign exchange loss of Rs 45.59 crore suffered by two subsidiaries on the foreign currency project loans borrowed by them,” the GMR release said.

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