BUSINESS
Awards contract for Rs 3,200 cr Gautami project expansion to Hyundai, L&T-ECC.
GVK Power and Infrastructure Ltd is planning to operationalise its fresh power generation capacity at Gautami project in the second quarter of 2013.
The company recently awarded the contract to execute the project to Hyundai Engineering Co Ltd, Korea and L&T-ECC, Chennai, on an engineering, procurement and construction basis.
The power project expansion is being taken up with an outlay of Rs 3,200 crore and after the completion the capacity would go up by 800 mw. Gautami project, which is gas based, has a capacity of about 464 mw.
“The project would be ready for commissioning in the second quarter of the calendar year 2013,” a source familiar with the project said. GVK officials were not available for a comment.
The existing capacity at Gautami has been operating with a plant load factor of about 89%. The company, while working on the expansion, is also gearing up to add another 400 mw to the project.
“The further expansion would be finalised only after crystalising the current capacity expansion,” the source said.
The power generated from the expanded capacity too would be sold to southern states and Maharashtra. However, the proportion of merchant sale power out of the total capacity is still not clear.
Though the state government had earlier allowed the company to sell 20% of the production on merchant basis, the issue is caught up in legal hurdles with the electricity regulator in the state not approving the government’s clearance.
While Gautami plant gets gas supplies from Reliance’s KG basin for the existing capacity, sources have expressed doubts over the gas availability to the expanded capacity owing to the Centre’s proposal on making the gas available only to those plants that are ready for production.
Analysts too have been wary of the gas supply situation to various new power projects including Gautami.
Shilpa Krishnan, Sumit Kishore and Deepika Belani, analysts with J P Morgan, said in a June 21 report, “This is a risk to all stakeholders’ planning gas projects—the builder, off-taker, and investor, in our view.”
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