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Sravanthi Group to shift gas-fired unit to Nigeria

Monday, 24 Jun 2013
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Sravanthi Group is planning to shift one of its two 225 MW gas-based power units in Uttarakhand, to Nigeria, Africa.

 

For the purpose, the company has signed an in-principle agreement with a Nigeria-based Indian developer for a JV to set up the plant in that country as its 450MW gas-based power project keeps getting stalled. The company is setting up a gas-based power unit at Khaikera village near Kashipur in Udham Singh Nagar with an investment of Rs 1,800 crore.

 

While the company will lose Rs 100 crore as part of civil and structural construction costs, it hopes to recover this through electricity sales to Nigeria.

 

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