25 May 2012

OPG scoops £60m 

07/02/2011 Robert Tyerman

Indian power generation group OPG Power Ventures (OPG) has raised up to £60 million at 93p to fund capacity expansion. Based in Chennai, India, and quoted on AIM, the company says the money, secured through its broker Cenkos Securities, will give it the funding to add 550 megawatts of capacity to the 107 MW it already has in operation.

Steered by managing director Arvind Gupta, OPG has set itself the target of achieving 1,250 MW by 2015 to supply the power-hungry Indian market. The company, which made £5.5 million pre-tax on £12.9 million revenues in the year to last March and upped pre-tax profits 14.2 per cent to £4 million pre-tax in the six months to September, on revenues 36 per cent ahead to £8.9 million, has certainly switched on AIM investors.

Recommended by Growth Company Investor in 2009 at 32.45p, OPG shares have now reached £1, up 2p this morning, valuing the company at £287 million. Hold on.     

Tags: Arvind Gupta, Energy, India, Indian power, Technology

Sector: Electricity

Companies: OPG Power Ventures

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