Jai Corp mulls setting up three power plants in Maharashtra

Anand Jain-controlled Jai Corp Ltd, proposes to set up three power projects aggregating 6,200 Mw, through its associate companies in Raigad district of Maharashtra, the company said in its annual report. "Jai Corp has strategised its presence in power generation distribution and trasmission through its associate companies, Urban Energy Generation Pvt Ltd (UEGPL), Urban Energy Distribution Pvt Ltd (UEDPL) and Urban Energy Transmission Pvt Ltd (UETPL)," the company said. UGEPL, a special purpose vehicle (SPV) has been granted the status of a co-developer by the Board of Approval, Ministry of Commerce and Industries. It's 2,000 Mw power plant at Dronagiri node of Navi Mumbai SEZ (NMSEZ) in Uran Taluka will be implemented in three phases. Environmental and coastal regulation zone clearances have been obtained, it said. The Maharashtra government has also issued support letter for its 2,100 Mw power plant at Vangni Tarfe Taloja in Panvel Taluka and the state government has issued support letter for its 2,100 Mw power plant at Kondgaon, Nagothane in Roha Taluka, it said. The company is developing the Rewas Port project in Maharashtra. The port is developed by Rewas Ports under a Concession Agreement executed with the Maharashtra Maritime Board (MMB), a nodal agency of Maharashtra government. The approvals necessary prior to commencement of work have been obtained. Work would commence after land is made available to that company, it said. Commenting on the status of its Navi Mumbai SEZ, it said the Maharashtra government has appointed City and Industrial Development Corporation of Maharashtra (CIDCO) to co-ordinate the development of NMSEZ. The total size of NMSEZ is 5,289 acres (approximately 2,140 hectares) with a convenience of existing rail, sea and air linkages and also the planned ones, which are expected to be developed in the near future, it said. Its Mumbai SEZ (MSEZ) has also obtained an in-principle approval of the Ministry of Commerce to develop a 5,000 hectares SEZ at Khopta in Maharashtra. Through its stakes in Navi Mumbai SEZ (NMSEZ), Mumbai SEZ (MSEZ) and Rewas Port SEZ, Jai Corp has fortified its belief in participating in one of the best growth accelerators creating of infrastructure in India, Jai Corp's Chairman, Anand Jain, said in his Chairman's statement. The company stands committed to participating in creating world-scale and world-class integrated urban infrastructure that will accelerate the pace of India's economic development. The SEZ will encompass all other ancillary services such as power, water, IT, telecom, EPC and other infrastructure resources necessary to facilitate an efficient conduct of commerce. The SEZ will attract companies operating with high Intellecual Property Rights (IPR) and provide businesses a more conducive environment, Jain said. "In our venture capital business, the funds that we manage and advise have a collective corpus of about Rs 5,500 crore. Out first fund that we manage has addressed the needs of Indians who wish to invest in the real estate sector in India," Jain said. "The second fund that we advise is addressing the needs of international investors who wish to invest in the real estate sector in India. These funds have attracted some of the best domestic and international investors to participate in the growth and development of the real estate sector in India," Jain said. The company has invested in entities engaged in the businesses of creation of essential integrated urban infrastructure. These businesses relate to SEZs, ports, real estate and other ancillary services related to the creation of urban infrastructure. The company also intends to focus on its asset management business in order to deploy global capital in the development of the real estate sector in India. India requires a minimum of $500 billion to create infrastructure needed to support its current growth. Given that between 1999 and 2005 total private investment in infrastructure was $51 billion, Jai Corp is visualising tremendous growth opportunity in creating the much-needed infrastructure in India, the company said.