Financial Daily from THE HINDU group of publications
Thursday, Aug 21, 2003
Financial Daily from THE HINDU group of publications Thursday, Aug 21, 2003 |
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Corporate
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Alliances & Joint Ventures Industry & Economy - Non-conventional Energy GNCL in pact with Suzlon for wind farm project Our Bureau
Kolkata , Aug. 20 THE city-based Gujarat NRE Coke Ltd (GNCL), the largest manufacturer of LAM coke in the non-captive segment in the country, has announced its tie-up with Suzlon Energy for setting up a 1.25 MVA wind farm in Gujarat. The windmill is said to be part of GNCL's concerted efforts towards becoming energy efficient. GNCL will contribute about 30 per cent of the total project cost of Rs 5.5 crore, while the balance 70 per cent amounting to Rs 3.85 crore will be financed by a term loan. According to GNCL sources, the company expects to save in income tax payable this fiscal on the company's profits, which will be exempted in view of the higher depreciation benefit available on the wind farm project. As such, the net cash outflow on account of this project is almost negligible. However, the company will be saving substantially in respect of its power and electricity bills vis-a-vis the outflow of instalment & interest on the term loan to be taken. In addition to this, the company will also be eligible for the various sops offered by the Government of Gujarat to companies generating power using non-conventional energy resources. It may be noted that the company is also in process of initiating steps for the co-generation of power from the waste heat of its chimneys.
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