INTERVIEW - Ideal Energy to set up 540MW power plant

Mon, Oct 26 12:51 PM

Ideal Energy Projects Ltd, a Mumbai-based firm, is setting up a 540 MW power project in Maharashtra and will later raise funds via a public share offer, a senior official told Reuters on Monday.

"It is a coal-based power project near Nagpur. After commissioning the first plant (of 270MW),...we will go for an IPO," D.P. Mhaiskar, founder of the firm, told Reuters in an interview.

The first phase of 270 MW will be commissioned by November 2011 and the second phase a year later.

Mhaiskar and his family are also founders of IRB Infrastructure Developers, although the road construction firm doesn't hold any stake in Ideal Energy.

(Reporting By Ketan Bondre; Editing by Ramya Venugopal)

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