Bajaj Hind plans to foray into power sector

Bajaj Hindusthan is reportedly planning to raise funds for foraying into the power sector. According to reports, company plans to start the project in UP and have received clearances for the same. The first phase is to commission 400 MW and the second phase 660 MW. Work on phase one will start in January 2010, and it will be operational in 18 months. The cost incurred for the two phases are likely to be Rs16bn and Rs30bn. The cost of generation is pegged at Rs3.5/unit. They are looking at acquiring a few coal mines, have identified sites too, and also have a Rs 1000 crore war chest for the same. They are looking at raising funds via debt and equity, adds report.