Hinduja Group plans to develop 10,000 MW of power projects in 5 years

June 10, 2010 - PRLog -- The multi-billion dollar, Hinduja Group shared their Global plans and progress on their diversified portfolio in Mumbai today. The luncheon meeting was hosted by Mr. GP Hinduja and AP Hinduja. Also present at this press meet were Mr. Sanjay Hinduja (President, Hinduja Group), Mr. Ravi Chawla (President, Lubes-Gulf Oil), Mr. Ravinder Babar, (CEO, Hinduja Realty Ventures), Mr. Souren Alimchandani, (COO, Ashok Leyland Project Services Ltd) and Mr. Prabal Banerjee (CFO, Hinduja Group).
Mr. GP Hinduja updated the media on the progress, announcing the investment of around US$12 bn on power projects in the world's second-fastest growing economy. Hinduja Power plans to develop 10,000 megawatts of power projects in five years. "The Group is studying power plant locations in the states of Uttar Pradesh, Gujarat and Maharashtra, he said. It will announce two power plants "very soon," GP Hinduja said without elaborating.
Over the past few years, the Indian economy has stabilized a great deal and today is undeniably one of the most lucrative markets for foreign investments. The Hinduja Group of Companies are surging forward with acquisitions like the KBL bank and the JV with Nissan (Ashok Leyland) and are enthusiastic to bring global expertise to India. Acquisition will provide high end and cross border private banking services to Indians.
Mr. Sanjay G Hinduja shared an update on Gulf Oil business in India & globally and announced its foray into the marine business. He comments, "While this sector remains small, Gulf Oil holds 6th position in the market and has a market share of 30% in Saudi Arabia and is steadily increasing. The growth in the Lubes industry today stands at 8% and Gulf Oil experiences a 15% growth. Thus Gulf Oil is undeniably the No. 2 in the country and enjoys the position of No.1 in the South market."
Also, elaborating on the Healthcare business, Mr. GP Hinduja said, "We have keen interest in the Healthcare sector and will soon introduce the speciality services pan India under the name of 'Hinduja Healthcare'.
Parting remarks by Mr. GP Hinduja were, "To make infrastructure more appealing to foreign and domestic investors, there should be accountability at every level of the project, and a responsibility to stick to timelines."

http://www.hindujagroup.com

Hinduja Group India Ltd.
Hinduja House
171, Dr. Annie Besant Road
Worli, Mumbai-400 018.
Tel: 022 - 24960707

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The Hinduja Family contributes to old economy sectors such as Banking, Finance, Transport, and new economy of Technology, Media and Telecom in India.