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Kolkata-based India Power Corporation Ltd (IPCL), a Srei group company, has announced that it plans to acquire stressed assets in the power sector to double its generation business. Hemant Kanoria, Chairman of IPCL, said: “We are currently evaluating three or four power plants in Jharkhand, Maharashtra, and Karnataka. We prefer pit-head power stations within coal mines, coal-fired, or those thermal plants located on the coastal region to reduce the operational and coal transportation cost.”
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Currently, IPCL generates almost 1600 MW through thermal, solar, and wind power plants. Thermal accounts for almost 1400 MW, solar 36 MW, and wind 100 MW. Kanoria said that the plan was to double the generating capacity to 3000-3500 MW over the next two to three years.
He said: “To attain the goal, we are not going to set up greenfield projects. We will either acquire firms with stressed assets, or invest in brownfield projects. Most times, bankers and promoters do not know what to do with stressed assets. We know how to handle the situation. These are purely opportunity-based acquisitions. We have to scout for the right type of power plants. All of these acquisitions will be funded through internal accruals.”