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14 Nov 2007
Commodity Online
CHENNAI: Energy Development Company Ltd has approved capital expenditure of approximately Rs 1,000 crore on existing and new projects by 2010.

The board of directors of the company informed this to BSE after their meeting on Nov. 13. They have decided that part-financing of the capital expenditure will be by way of allotment of 35 lakh warrants at Rs 200 per warrant.

The energy production company’s business plan includes oil and gas exploration and production, development of new technologies for the enhancement of oil and gas production and merchant power and integrated industrial site development.

It reported a 25.90% growth in net profits to Rs 49.44 million for the quarter ended Sep. 2006 as against Rs 39.27 million during the corresponding quarter in the previous year.

The company recently secured a contract for supply and erection of conductors from Himachal Futuristic Communications for a sum of Rs 380 million to be completed within 15 months.

Energy Development also entered into an memorandum of understanding for acquisition of 7MW Ullunkal Hydro Power Project from TECIL Chemicals & Hydro Power.

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