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CESC bids for power distribution business in Jharkhand

According to reports, power utility CESC Ltd today said it is bidding for power distribution licence in Jharkhand. “We are bidding for distribution licence for Dhanbad, Ranchi and Jamshedpur,” CESC Vice-Chairman Sanjiv Goenka said while announcing the Q1 result.

The company has reported a 12.6 per cent hike in net profit during the quarter ended June 30, 2012 as compared to corresponding period last year. The company has renewed its interest in expanding its current distribution area in Kolkata to more cities and towns. In the past, it had failed to win power distribution licence for the Patna area.

Goenka said the company has been increasing its capacity in renewables. Recently, the company has signed for a project to generate wind power of 50 MW in Rajasthan at a cost of Rs 350 crore. It has also taken over under-construction hydro projects totalling 236 MW. Goenka said the company has passed an enabling resolution to raise Rs 500 crore, but has not finalised how and when the money would be raised.

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