Facor group acquires controlling stake in BEC Power for around Rs16 crore
13 Apr 2011
Facor Alloys Ltd has acquired a controlling interest in independent power producer BEC Power Pvt Ltd (BEC) for a total consideration of Rs15.99 crore.
BEC is in the process of setting up a 600 MW thermal power project in Chhattisgarh, for which it has received various clearances from the concerned regulatory authorities.
Facor Alloys, which is in the process of diversification, said the acquisition of control in BEC will help the company to venture in the new line of business of generation and distribution of power.
Facor Group, which is planning to expand in the power sector and capitalise on the opportunities in this sector, has lined up major power ventures.
The group is in the process of completing the commissioning of the first phase of its 100 MW captive plant involving a total capital outlay of Rs570 crore. The plant is being set up adjacent to its charge chrome plant through its subsidiary, Facor Power Limited.
The plant will ensure uninterrupted supply of power to its plant. The plant is likely to go on stream by 31 March 2011.
Facor group is also in the process of setting up a 300 MW thermal power project in Orissa, a 45 MW thermal power plant in Garividi and a 30 MW solar park in Rajasthan.
India is a power deficit nation and there is a burgeoning demand of power. Given huge demand-supply gap, the company views the business of generation and distribution of power as new growth area.