MUDAJYA (5085) - Mudajaya's associate in India begins selling electricity
KUALA LUMPUR (April 4): Mudajaya Group Bhd said its 26%-owned associate company in India has begun selling 200 megawatt (MW) of electricity to several power distribution companies in Uttar Pradesh beginning yesterday.
The sale by RKM Powergen Pvt Ltd is pursuant to the power purchase agreement that the company had inked with Uttar Pradesh Power Corp Ltd in March last year.
"The power sales commencement is expected to contribute positively to the earnings of the group for the financial year ending 2017 moving forward," Mudajaya said in a filing with Bursa Malaysia.
Mudajaya added that the balance 150MW of electricity will only be sold based on approval from Uttar Pradesh Power, subsequent to the Champa-Kurukshetra 800 kV HCDC pole and 765 kV Jaipur-Bhiwani transmission line which was commissioned on March 27.
Mudajaya had in 2007 inked an agreement with RK Powergen Pvt Ltd — the 74%-owner of RKM Powergen — to develop four units of 360MW coal-fired thermal power plant in India.
At 4pm today, Mudajaya shares were up seven sen or 6.8% at RM1.10, giving it a market capitalisation of RM543.78 million.
MUDAJYA (5085) - Mudajaya's associate in India begins selling electricity
http://www.theedgemarkets.com/my/article/mudajayas-associate-india-begins-selling-electricity
