Suryachakra Power subsidiaries sign MoU with Tata Power Trading Company

Suryachakra Power Corporation Ltd has announced that Shares of the Company will be listed on the Bombay Stock Exchange on July 23, 2007. The Company came out with an IPO of 340 lacs equity shares of Rs 10/- each at a price of Rs 20/- per share aggregating Rs 6800 Lacs.

The Company operates a 20 MW power plant in Andaman & Nicobar Islands and its three wholly owned subsidiaries are setting up two biomass based power plants of 9.8 MW each in the state of Chhatisgarh and two biomass based power plants of 10 MW each in the state of Maharashtra. The Company has got Category 'A' license from CERA for Power Trading business.

All the biomass based power plants, being set up by the three wholly owned subsidiaries, are eligible for Carbon Credits and these subsidiaries of the Company have entered into a CDM Emission Reductions Purchase Agreement with Ecoinvest Carbon SA, Geneva, on July 13, 2007 for sale of Carbon Credits.

The Company's two wholly owned subsidiaries - Lahari Power & Steels Ltd & South Asian Agro Industries Ltd have signed two MoUs on July 17, 2007 with Tata Power Trading Company Ltd for supply of 9.8 MW power by each of these subsidiaries to Tata Power Trading Company for a period of 5 years from October 2007.

Source : Equity Bulls

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