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    Default PE plan for Haldia Energy shelved

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    The RP-Sanjiv Goenka Group has dropped its plans of tapping private equity funds for the holding company that it has floated for implementing its new power projects.

    Group Chairman Sanjiv Goenka said that the group would make an initial public offer (IPO) at a right time. “For Haldia Energy (as the SPV is called), we have dropped the idea of tapping PE funds as PE is out. We will make an IPO at the right time and fund it on our own till then,” he said. The group had announced its plans in this regard in 2010 saying that it was aiming to raise up to Rs.1,000 crore for its new power projects. These projects included one at Haldia in West Bengal and the 600 MW project in Chandrapura in Maharashtra.
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