The joint venture firm, in which Caparo Group holds 51% stake and Wartsila 19%, will set up a 26 MW gas based environment-friendly power plant at Bawal in Haryana. The plant will cater to the captive energy requirements of the group's joint venture with Maruti Udyog as also several other Maruti vendors like Mothersons Sumi, Asahi India, Talbros, Sankei India and Asian Paints are located in the area.
All these companies also hold small stakes in the power plant, Caparo Group Managing Director and CEO, Uttam Bose, said.
"We need about five MW and the balance will be supplied to other units in the area for their captive consumption," he said.
He said the project implementation is progressing at a rapid pace and the plant is expected to start operations by the year end. Wartsila India Managing Director, Mr Rakesh Sarin, said that the project offers excellent prospect for scalability.
Mr Bose said the gas fired and environment friendly power generation plant is "our contribution (toward) corporate social responsibility".
The Rs 1,000 crore Caparo Group, promoted by UK based Lord Paul, has established presence in India in diverse fields ranging from automobile to hospitality to financial services. - PTI |