Abhijeet Group to power Mihan
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NAGPUR: It’s icing on the cake for the Orange City. For the city’s dream project, the power will be generated by a city-based power company. Abhijeet Group, an infrastructure arm of Neco Jayaswal Group, has emerged as the successful bidder for setting up a 100 MW coal-based power plant for the proposed Multi-modal International Hub Airport at Nagpur (MIHAN). The financial bids for the project were opened at the Maharashtra Airport Development Company office in Mumbai on Wednesday.
Forty players had initially evinced interest in the project and the final competition was amongst Abhijeet Group, KSK Energy of Hyderabad, Cethar Vessels of Trichy, Shriram EPC from Chennai and Crompton Greaves of Mumbai.
Abhijeet Group emerged as the lowest bidder with a tariff of less than Rs 3 /kwh. Ernst & Young were the exclusive transaction advisors to MADC for the selection process.
As per the bid agreement, the work on the Rs 850 crore power project should start within 30 months, said the group’s patriarch and chairman Basantlal Saw.
Talking to ToI, he said the plant will come up in 65-hectare land under MIHAN. Abhijeet Group was part of the Neco family and was mainly into infrastructure and power generation.
MADC had invited developers for the 100-MW (2X 50 MW) thermal power plant with an inbuilt provision to expand to 200 MW.
The bid under build-operate, transfer (BOT) basis was for operating, maintaining, transmission and distribution of power for MIHAN where a special economic zone (SEZ) is also coming up besides several value addition in a total area of over 4,300 hectares.
It started by bagging its first order — a 540 MW plant in Jharkhand. "Financial closure for that project would be achieved by this month end. Its the first power generation plant of the company," said Manoj Jayaswal, one of the directors of Abhijeet Group. The company has also joined hands with the Darda group for setting up a 1035 MW power project in Yavatmal that is proposed to be completed by year 2010.
"With the selection of Abhijeet Group as the supplier of power, we have taken giant step in fulfilling the commitment of chief minister Vilasrao Deshmukh to make Nagpur an international city", said RC Sinha, vice-chairman and managing director of MADC.
An elated Abhishek Jayaswal, director of the company, remarked that : "It is a moment of great pride. Having domiciled in the city for last 35 years and having lived every moment for the city’s growth, we owe this project to people of the Orange City ."
Abhijeet Group has a diversified industrial profile and has presence in the road, power and mining sectors, apart from pursuing its interest in the steel sector.
Source: Times of India
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