The estimated investment on the project over five yearsis $791 million (Rs 6,592 crore) and the same is expected to be funded by a combination of subsidy, JV partners’ equity contribution and debt, as required.
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The company has sought a subsidy for the said project, it said in a regulatory filing.
Subject to the project and the subsidy being approved, the company proposes to implement the same as a joint venture in partnership with technology providers/anchor customers, which are under discussion, the company said.
In October, CG Power and Industrial Solutions had said that it will invest about Rs 347 crore, including its ongoing project, in capacity expansion of its various units. CG Power will spend about Rs 155 crore to expand the manufacturing capacity of instrument transformers and condenser bushings, medium voltage switchgear, and GIS units at its Switchgears Division complex in Nashik.
It also said it was planning to expand the manufacturing capacity of large industrial machine (LIM) units at Mandideep, Bhopal. The proposed expansion will increase the capacity of LIM up to 1,728 units per annum from 1,002 units per annum now.
