CESC to invest Rs.3,000 crore in renewable energy

Image from Forbes
Image from Forbes


Kolkata: R.P.-Sanjiv Goenka Group-owned power utility CESC Ltd. has posted a net profit of Rs.152 crore for the quarter ended June 30, as compared to Rs.151 crore in the corresponding quarter a year ago.

The company’s total income declined to Rs.1,704 crore, as against Rs.1,863 crore a year-ago.

Talking about expansion plans, chairman Sanjiv Goenka said the company would be investing Rs. 3000-3,500 crore in the next 18 months.

“We have plans to invest Rs. 3000- 3500 crore in the next 18 months to expand our wind and solar power generation by 500 MW,” he told media persons after the company’s annual general meeting here.

Currently it has 50 mw of wind power capacities in Rajasthan and Gujarat and 25 MW solar capacities in Tamil Nadu and Gujarat.

“The work in the new projects, coming up at Rajasthan, Gujarat, Tamil Nadu and Madhya Pradesh will begin in next six months,” said Goenka.

The group’s multi-format food-first retail chain Spencer’s Retail’, which has made its first ever operating profit inAthe May, is expected to sustain profitability.

“We have made our first ever profit in May and confident of sustaining the profitability. Although, there is marginal decline in footfall, but the sales per square feet stood at Rs. 1,470 during April-June compared to Rs. 1,350 in the corresponding quarter a year ago,” said retail sector head Shaswat Goenka.

He said the company has a target of opening 12 hypermarkets, adding 275,000 square feet of trading area in the current fiscal.

Of the 12 new stores, three were opened in the in the first quarter in Andhra Pradesh and 3-4 are in the pipeline in the next few months, said Goenka.