MUMBAI (Commodity Online): India’s leading yarn maker, Nakoda Limited (BOM:521030) today informed that the company is ready to kick off its Wind Power project in Madhya Pradesh.

“Nakoda proposes to acquire Wind Mills from Global Wind Power Ltd (GWPL), a company floated by Reliance ADAG Group. The wind turbines are developed by GWPL with state of art technology in collaboration with Norwin Denmark,” the company statement said.

The company has laid out investment outlay of Rs.32.92 crore, which will be funded by debt of Rs.23 crore & balance from internal resources.

Speaking about the new project in MP, Babubhai Jain, Chairman & Managing Director of Nakoda Limited said, “We are happy to commence our second wind power project after the one in Tamil Nadu last year. With the project in MP, we enter into new territories and hope to mark our presence across the country.”

The Wind Power Plant, which is to be set up at Jethana of Ratlam district in MP will have 7 turbines with a capacity of 750 KW each aggregating to 5.25 MW.

Nakoda will enter into a power purchase agreement with Madhya Pradesh Electricity Board to supply around 112 lakh units per year at the rate of Rs.4.35 per unit for 13 years, the company informed today.

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