As per media reports, the power plants would be built next to the company’s two liquefied natural gas terminals in the Indian states of Gujarat and Kerala.
Petronet is already in the process of syndicating a debt of INR50 billion to fund the projects estimated to cost INR70 billion, and the rest would be raised through a rights issue. It plans to borrow money from overseas and local financial institutions by the end of 2010.
P Dasgupta, CEO of Petronet LNG, said to the Economics Times: “We expect to get the go ahead in January and we should be going to the capital markets by Q3 of 2010-11. And if all goes as planned, the power plants will be commissioned by 2012-13.”
