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Contracts Awarded | March 2012

SGJHL bags solar project in Odisha

 Shree Ganesh Jewellery House Ltd (SGJHL) has bagged a 25-MW solar power project in Odisha.

The Rs 5,800-crore company’s chairman Nilesh Parekh said the project will be executed by Kolkata based Alex Green Energy in which the company holds a majority stake. Alex Green is co-promoted by the Sureka Group.

“Alex Green won the right to develop a 5-MW project in a solar auction in Odisha.The company in fact emerged as the lowest bidder by quoting a rate of Rs 7 a unit,” he was quoted as saying.

The total investment including the debt component for commissioning the solar plant in Odisha would be close to Rs 175 crore and would be completely funded by Alex, he said.

With a view to diversifying into solar power business, SGJHL had recently acquired a controlling stake in the two companies – Alex Astral Power Ltd and Alex Spectrum Radiation Ltd, co-promoted by Sureka Group.

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