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Shree Ganesh Jewellery House likely to set up 125MW solar plants by October

According to reports, Shree Ganesh Jewellery House Ltd (SGJHL) is likely to commission its proposed solar power plants in Uttar Pradesh and Bihar by the end of October.

These two solar power projects – 50 MW in U.P. and 75 MW in Bihar – will be set up in power purchase agreement with the respective State governments.

The projects would be executed by Alex Group of Companies, in which SGJHL holds a majority stake.

“We have already received permission from respective State governments for these two projects. And, we are hopeful of commissioning the plants in the next two months,” Ashok P. Sahni, Chief Financial Officer, said on Friday.

According to Sahni, work at the two projects is in advanced stages of completion.

He, however, did not divulge the estimated investment in these two projects.

Shree Ganesh recently invested Rs 100 crore to acquire 55 per cent stake each in Alex Astral Power Ltd and Alex Spectrum Radiation Ltd, co-promoted by Surekha Group.

The company recently set up two 25 MW solar power projects in Odisha and Gujarat, and one 5 MW solar power project in Rajasthan.

According to its annual report 2012, the company’s revenue from the solar power business in Gujarat, which commenced commercial production in March, is expected to be Rs 60 crore this fiscal.

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