Hyderabad-based GMR Group is mulling to list GMR Energy, the holding company of the Group’s energy business, on the domestic bourses to fund its upcoming projects.

“The company is certainly looking at means of raising resources to fund its upcoming and future projects. A decision on this regard may be finalised in the next two to three weeks,” market sources told PTI.

GMR Energy may also opt for raising resources through other routes. GMR Energy is a subsidiary of GMR Infrastructure, one of the two subsidiaries of GMR Holdings, the holding company of the Group.

GMR Energy currently has two operational power projects — in Chennai and Mangalore — with a cumulative capacity of 420 MW. The 388.5 MW Vemagiri plant at Rajahmundry in Andhra Pradesh would start generating power shortly. It has got five projects under development — 140 MW hydroelectric power plant in Uttaranchal, 1,050 MW coal-based plant in Orissa, 160 MW hydro-electric project in Arunachal Pradesh, 1,000 MW coal-based plant in Chattisgarh and 180 MW hydroelectric project in Himachal Pradesh.

Estimated to cost about Rs 700 crore, the Uttaranchal plant of GMR Energy is expected to start commercial operation by 2011-12. The 1,050 MW coal-fired project at Kamalganga in Orissa is expected to go on stream by the end of 2010.

GMR Energy expects its Arunachal Pradesh project to commission by the end of 2011-12. Time-frame for the completion of the two other projects — in Chattisgarh and Himachal Pradesh — are yet to be decided by the company.

Future plans
GMR Group is also gearing up to foray into the nuclear power generation and has already readied a team aiming to be the first Indian company to enter into the sector.

Besides, the company is also looking at acquiring some coal assets and operational energy assets abroad, sources said.