The Hiranandani Group intends to venture into power sector by setting up a 2,500-MW gas based power project at Navlakh Umbre village near Pune in Maharashtra. The group has floated a new company - Hindustan Electricity Generation Company (HEGC) - for the proposed foray.

The proposed project may require about Rs 12,000 crore. It is likely to be set up with a 75:25 per cent debt-equity ratio. The Group is planning to dilute stake of HEGC to private equity players to raise a part of the equity portion.

The Group has acquired close to 200 acre at Navlakh Umbre to set up the plant. A 355 MW gas turbine is likely to come up in an area of 30 acre and the proposed unit is expected to take off within 30 months. Another six-seven turbines of the same size are expected to come up in the same location within the next 18 months. GAIL is likely to supply natural gas to the project.

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