Power utility CESC, an RPG Group company, Tuesday said it was planning to raise Rs.1,200 crore in equity to fund its proposed projects worth Rs.35,000 crore (about $7.8 billion).
CESC vice chairman Sanjiv Goenka said the company was aiming to reach a thermal power capacity of 6,500 MW, hydro power capacity of 500 MW, and a solar energy capacity of 200 MW in the next five years.“This will entail a total investment of Rs.35,000 crore,” he said.
He said as per a 3:1 debt-equity ratio, the company and its subsidiaries will need Rs.8,700 crore of equity to implement the projects.
“We foresee a tentative gap of Rs.1,200 crore. Rs.5,500 crore will come from our internal accruals, and Rs.2,000 crore from private equity capital. The rest will be raised in equity,” he said.
Goenka, however, did not mention any timeframe for raising the sum.
