Madurai Power Corp Pvt Ltd

About the Company :

Madurai Power Corporation Private Limited (MPCL), incorporated in 1995, owns and operates a 106 MW liquid fuel, i.e. LSHS (Low Sulphur Heavy Stock) / LSFO (Low Sulphur Fuel Oil) based power plant, commissioned in September 2001 at Samayanallur Village, Madurai District, Tamil Nadu.

It was initially promoted by Covanta Energy Corporation (CEC), USA, through its Mauritius based subsidiary that held 76.6% stake in the company, while the remaining 24.4% was held by the SPI Power Group through its Group company, Samayanallur Power Investments Pvt Ltd. Subsequently in September 2011, MPCL bought back 50.57 lakh shares at a consideration of about Rs. 49 crore in which only CEC through its subsidiary participated. Further, in October 2011, CEC sold off its stake in MPCL to SPI Power Pvt Ltd (SPPL) of SPI Power Group. SPPL then merged with MPCL, effective from 1st October 2011. The power plant was setup at a project cost of Rs. 429 crore and the plant started commercial operations on 22nd September 2001. The power plant comprises seven diesel engines (15.143 MW x 7), seven generators (20 MVA each at 0.8 power factor), purification, storage and handling systems for LSHS/LSFO and lubricating oil, exhaust gas boilers for the production of steam for heating the liquid fuel along with associated auxiliary equipment. The plant was constructed by EPC contractor namely Wartsila, Finland.

MPCL supplies entire power to TANGEDCO (previously TNEB) pursuant to a PPA signed in September 1997 for a term of 15 years from commercial date of operations. MPCL also entered into a 15 year FSA with IOCL for the sale and purchase of liquid fuel. The O&M contract was initially carried out by Covanta Madurai Operating Pvt Ltd (CMOPL), though MPCL acquired CMOPL in October 2011 and the O&M activities are thus presently undertaken in-house. For the 15-month period of FY 2012, the company has reported Profit After Tax (PAT) of Rs. 75.83 crore on an operating income of Rs. 540.71 crore (provisional).