GIL to set up power plant in West Bengal

Kolkata, Jan 28 : Kolkata-based graphite electrodes manufacturing major Graphite India Ltd (GIL) will set up a 50 MW coal-based power plant in West Bengal's Durgapur city, a company official said here Thursday.

"We have decided to set up a coal-based thermal power plant with a capacity of 50 MW in Durgapur at an investment of Rs.214 crore. The project is likely to be completed in the next two years," GIL chairman K.K Bangur told reporters.

He said the proposed unit would help increase the company's power generating capacity from current 33 MW to 83 MW.

"It would also help the company to optimise its cost of production and increase competitiveness in the global market," Bangur said, adding the project will require additional 20 acres of land.

He said the GIL was also spending Rs.186 crore on capacity expansion of various existing projects.

"The capacity expansion process will complete in next 18 months."

GIL also reported a 117 percent jump in its net profit to Rs.63 crore in the third quarter ended Dec 31, as compared to Rs.29 crore during the corresponding period in 2008-09.

The gross revenue for the quarter stood at Rs.291 crore as against Rs.282 crore, showing a jump of 3 percent compared to the year-ago quarter.