Telecom and electrical power cables maker Finolex Cables says it is in talks with Chinese and Indian companies to sell stake in its proposed 1,000MW thermal power plant at Ratnagiri in Maharashtra. "We are looking for a joint venture partner for the power project and it could be 2013 by the time anything is finalized," chairman P P Chhabria said.
"We are in talks with Chinese power companies for equity and equipment as well as Indian partners." Chhabria said Finolex holds 1,000 acres in Ratnagiri and it has already received several of the necessary clearances to set up the power plant. "We have to now apply for permission to hold a public hearing," he said.
The company has set up Finolex Infrastructure with an investment of Rs 3.96 crore to handle the power project. This is not the first time that the Finolex group has dabbled with the idea of a thermal power plant.
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