Hiranandani Group to foray into power sector

Real estate firm, Hiranandani Group intends to set up a 2,500-MW plant near Pune at an investment of more than Rs 10,000-crore. This venture marks the entry of the Hiranandanis into the power sector.

Niranjan Hiranandani, Managing Director, Hiranandani Constructions' said, "This is an area we have been trying to enter into. We have floated a new company."

The new unit, Hindustan Electricity Generation Company (HEGC), intends to have 2,500 MW generation capacity which would be built within the next four years.

The project will be funded through debt and equity at a 3:1 ratio. HEGC may also look at raising funds through private placement of shares as well.

Around 15 per cent of the power generated from the plant would be reserved for captive use and the remaining would be sold to the national grid.