Shriram EPC has bagged the EPC contract for OPG Energy Pvt Ltd's 77 MW coal-based power project coming up at Gummidipoondi, 50 km north of Chennai.

Financial closure for the debt portion of Rs.210 crore was likely to be completed by the end-December 2005. The project would need about 4 lakh tonnes of coal each year, for which OPG Energy has tied up with Indonesian suppliers.

OPG Energy's parent company, Kanishk Steel Industries Ltd, is also putting up a 10-MW waste heat recovery power project at its sponge iron plant in Gummidipoondi, at a cost of Rs. 42 crore.  Kanishk has a 52 per cent stake in OPG Energy, the remainder is held by the promoter group.

 The Gummidipoondi project would work like a group captive power project under which power could be sold to companies that have any stake in OPG Energy.

The OPG group, which primarily has interests in steel making, intended to focus on business opportunities in power sector.