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Wednesday, June 18, 2008

DVC plans to float subsidiary for IPO

Damodar Valley Corporation is planning to float a subsidiary company with a view to come out with an initial public offer to raise funds for its projects during the 12th Plan.
"Since DVC is a statutory body and not registered under the Companies Act, it has to float a separate subsidiary to bring the IPO," DVC chairman, Mr Asim Barman said while addressing a Press conference here today. However, he did not give any time frame for the IPO.
Referring to a different initiative, Mr Barman said that DVC had formed a special purpose vehicle called Damodar Valley Tourism Development Private Limited with IL&FS Infrastructure Development Corporation Limited to develop tourism and tourism related infrastructure in DVC command areas.
He said: "We have identified six cites for undertaking tourism projects. These places are Maithon, Panchet, Tilaiya, Hazaribag, Konar and Rajrappa".
DVC, which is celebrating its golden jubilee this year, today reported a decline in net profit at Rs 1,126 crore for the financial year 2007-08.

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