The Hindu : Business : BGR Energy eyes new markets

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Wednesday, Aug 15, 2007
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BGR Energy eyes new markets

Corporate Reporter

Files draft prospectus with SEBI for IPO

CHENNAI: BGR Energy Systems, which provides equipment, systems and services to the power and process industries, is aiming at becoming a major player in oil and gas projects in West Asia. The company proposes to set up a Special Economic Zone in India and one unit each in the free economic zone at Bahrain International Investment Park and Langfang, China.

BGR Energy Systems was originally incorporated in 1985 as a joint venture between GEA Energietechnik, Germany, and B. G. Raghupathy. In 1993, Mr. Raghupathy acquired the shareholding held by the German firm. The company, in June this year, adopted its new name, ‘BGR Energy Systems Ltd.’

Major contracts

The company is, at present, executing major contracts including a 330 MW gas-based power project in Dholpur, Rajasthan, and one 500 MW BOP (balance of power) contract each for the Vijayawada and Bhoopalapalli thermal power stations from Andhra Pradesh Power Generation Corporation Ltd. The consolidated backlog of the company as on April 1 was Rs. 2,165.78 crore. In July, BGR Energy Systems received a BOP contract worth Rs. 998 crore from the Maharashtra State Power Generation Corporation Ltd. for a 500 MW coal-based project in Khaperkheda.

The company is planning an initial public offering of 1.34 crore equity shares of Rs. 10 each, consisting of 72 lakh equity shares as fresh issue and offer for sale of 62.56 lakh shares held by the promoter, B. G. Raghupathy, and Sasikala Raghupathy. BGR Energy Systems, on August 3, filed a red herring prospectus with the Securities and Exchange Board of India (SEBI).

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