Zee Group-associated Siti Energy Ltd on Wednesday said it plans to set up a Rs 3,500 crore (RS 35 billion) gas-based power plant in Haryana and CNG retail outlets in Uttar Pradesh.
"We have identified a location near Sonepat in Haryana. We are in talks with some companies including Reliance Industries, Shell and GAIL India for gas supply," Siti Energy CEO A K Gupta said, while speaking about the 1,063 MW plant.
Siti Energy is promoted by Suncity Projects Ltd, which is in turn promoted by Essel Group, Action Group and Odeon Group, Zee News director Lakshmi Goel told PTI.
The project would be funded in a debt-equity ratio of 70:30, Gupta said, adding that it would start generation in about three years.
Siti Energy has also been granted licence by the Uttar Pradesh government for setting up CNG retailing stations in Moradabad, the company CEO said and added it had tied up with Gail India Ltd for CNG supply.
Initially, the venture would cost Rs 70 crore (Rs 700 million) and the company hopes to benefit from the state government's decision to make public transport vehicles to run on CNG.
Siti Energy also proposes to foray into supplying LPG (cooking gas) to households through pipeline in Moradabad, a company executive said.Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group