Chettinad Cement to invest in power project, India
Indian cement producer Chettinad Cement is planning to invest around INR1300 crore by way of equity in associate company Chettinad Power Corp, which is to use the funds to set up a thermal power plant in Tamil Nadu.
Business Standard reports that in a statement to shareholders, the company said it had received a proposal from Chettinad Power Corporation Private Ltd seeking investment in its equity share capital for a 1329MW supercritical thermal power project (2 x 660MW) at Tharangambadi Village in Nagapattinam district.
The estimated cost is INR8500 crore and the company proposed to fund a part of the cost through equity share capital to the extent of INR2100 crore.
The associate company had sought INR1300 crore from Chettinad Cement over a period of four years commencing 2012-13. The balance equity portion would come from the other group companies, said a company senior official.