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| Edited By: Shubhashish |Source: DNA |Updated: Mar 30, 2018, 02:11 AM IST
IDFC Project Equity Company will invest Rs 250 crore through its India Infrastructure Fund in a 540 mw plant being built by Adhunik Power & Natural Resources in Jamshedpur.
Adhunik Power is a subsidiary of the Rs 1,300 crore Adhunik Metaliks.
Arun Kedia, group CFO, Adhunik Power, told DNA Money the investment by the IDFC subsidiary will be spread over two years. “The funding will come in through the issue of convertible bonds, which will be converted into equity shares after two years. They (IDFC) will hold 27% stake in the project then.”
Kedia said the power plant will be completed by March 2012. “We estimate sales of Rs 1,300 crore and a profit of Rs 400 crore once production at the plant stabilises in the second year of its commissioning.”
The sales and profits targets are estimated assuming a per-unit power price of Rs 4.50 for 65% of the production.
