JKPDC to tap capital market with IPO
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State-owned Jammu and Kashmir Power Development Corporation (JKPDC), which runs, operates and manages hydro-electic power projects in the state, has decided to come out with an initial public offering (IPO) to tap the capital market.
"We are going public with Initial Public Offering (IPO) to be a listed company (on the stock exchange)--we have initiated on that", Managing Director JKPDC, Basharat Dar said.
The proceses is going on and consultants have been put on the job, he said.
However, the financial details were not available.
The IPO is aimed at raising substantial equity for implementation of power projects.
Dar reiterated the government's commitment to encourage greater participation of local entrepreneurs in this sector.
He asked them to take part in the bidding process already underway for power projects and take advantage of the incentives available under the policy.
The state has potential for generation of over 20,000 MW of hydel power.
Dar said the corporation aims to add about 8000 MW of hydro power in the state in the 12th and 13th plan. This included projects being taken up in private sector under the IPP (Independent Power Producer) mode.
Meanwhile, Dar told a gathering that while work on 450 MW BHEP (Baghliar Hydro Electric Project)-II is in progress, the 9 MW Dah have been allotted and decks have already been cleared for allotment of 37.5 MW Parnai.
He further informed that 05 projects have been awarded to various IPPs under the Hydel Policy 2011.
Dar further said development of hydro potential in the State is expected to usher in huge economic benefits in the form of infrastructure development, industrialisation and employment generation, Dar said.
With increased efficiency in hydropower generation, transmission and distribution of electricity, J&K aims not only to provide energy at affordable cost for environment
friendly industrial development but also turn a net energy exporter, he said.