Tiruchirapalli, September 10: Nakoda Textiles Industries Limited (NTIL) one of Indias largest players in the fully drawn yarn segment, is all set to venture into wind power, with an investment of rs 40.5 crore for their project.
Babubhai, Jain Chairman and Managing Director of the company, said the project would be financed through internal accruals and small quantum of term loans. The plant coming up near Tenkasi in Tirunelveli district (Pavoorchatiram Village) would have nine turbines of 0.75 MW each, with an aggregate capacity of 6.75 MW.
NTIL had acquired wind turbines from Global Wind Power Limited (GWPL) a company promoted by Relaince ADAG Group. The wind turbines are manufactured by GWPL with state-of-art technology in collaboration with Norwin, Denmark.
Jain told PTI in a telephonic interview from Mumbai that as per the agreement signed with Tamil Nadu government, the entire power generated would be supplied to the state Electricity Board at the rate of Rs 3.39 per unit, the designated rate fixed after consideration of subsidy etc.
Jain said the company would be eligible for carbon credits at a rate of 50 paise per unit by virtue of being a ‘green energy’ project. Besides, the equipment would enjoy 80 per cent net depreciation, leading to significant tax savings in view of the centre’s liberal policy
The company has ambitious expansion plans and proposed to invest Rs 300 crore to set up visible projects in Gujarat, Maharastra and Tamil Nadu in the next two or three years.
The actual date of the formal inauguration of the project would be finalised soon, Jain said.
—Agencies