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Our Bureau

Bangalore , May 31

GMR Group is interested in bidding for the proposed ultra mega power projects but would take a final decision on its intent only after a clarity emerged in the policy with regard to issues like payment security, fuel linkage and power purchasing agreement parameters.

The Government in its announcement had spelt out broad policy parameters, which included setting up of special purpose vehicles (SPVs) by the Power Finance Corporation for five projects before handing over the same to investors through a competitive bid.

The projects, with a 4,000 MW capacity each, have been proposed in Madhya Pradesh, Chhattisgarh, Maharashtra, Gujarat and Karnataka. The Centre plans to award the five projects in the next one year.

Sources said that GMR would, however, participate in the Request for Qualification Documents (RFQ), due for submission tomorrow.

GMR Energy currently operates three power plants generating 824 mw.

Earlier reports had suggested that GMR Energy Ltd, which had signed an initial agreement with Hong Kong's China Light & Power Co Ltd (CLP) for a joint venture, would bid for the project in Sasan in Madhya Pradesh.

IPO plans

The Group plans to hit the capital market to raise Rs 1,200 crore through an initial public offering for funding various ongoing projects. The IPO, to be raised through 100 per cent book building process, is likely to hit the market late July or early August.

GMR Infrastructure, which had taken up construction of the greenfield international airport in Hyderabad, besides modernisation of the airport in Delhi, had already raised Rs 320 crore with ICICI Venture Funds contributing Rs 250 crore while other private equity partner, Quantum-M of Soros making up for the rest.

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