Puri Oil Mills to raise funds for hydropower project.

Puri Oil mills Ltd., the flagship company of North India-based Puri Group, is planning to raise funds for its hydropower project to be set up in Mandi district of Himachal Pradesh.

The total project cost of the 14-megawatt (MW) power project is around Rs. 140 crore and the company is contemplating various options such as joint venture, developmental funds and private equity, among others.

Puri Oil Mills Ltd's Managing Director Vivek Puri told Business Standard, 'We are planning to expand into hydroelectricity, which is a capital intensive business. We have received techno-economic clearance for running the Uhl River project, going to be set up at Uhl in Mandi District of Himachal Pradesh. The total capacity of the project will be 14 megawatts and the estimated cost is Rs 140 crore. Negotiations are in progress with globally renowned infrastructure companies for both technical and financial collaboration for the project,'

'We are looking at various options such as joint venture, developmental funds from various institutions and private equity, among others, for funding the project. We hope to complete the process in the next couple of months,' he added. The company intends to commence the project through a special purpose vehicle and has a target to complete the project by 2017.


BS