CESC Ltd, Pioneer of electricity supply in India, has acquired 51% stake in Dhariwal Infrastructure Pvt. Ltd. (DIPL), a Manikchand group company, for Rs 200 crore.

Mr. Sanjiv Goenka, CESC's Vice Chairman, declared that the company projects to get 100% stake of DIPL in the coming 5 months.

Presently, DIPL is busy in establishing a 600 MW thermal power generating station at Chandrapur in Maharashtra. Total project cost is approximated at Rs 2,800 crore and it will be paid on a 70:30 debt equity ratio.

Half of the total power generated from the DIPL project will be sold to the Maharashtra State Electricity Board while the remaining will be traded in the open market.

Power tariffs in Maharashtra are one of the highest in India. As a comparison, Mr. Goenka stated that if tariffs in Mumbai Suburban were to be granted to CESC then they would have made an extra profit of Rs 1600 crore.

CESC functions across entire value chain from generating power, mining coal, transmission and distribution of power in Kolkata and Howrah region in West Bengal. It has 4 generating stations in Kolkata with a total capacity of around 1000 MW.

CESC is also in the action of establishing many power stations in India and has got 450 acres of land lately from local authorities of Kolkata. It has reported a net profit of Rs
410 crore for the fiscal ended March 31, 2009, as against Rs 355 crore during similar period previous year.

Shares of CESC Ltd, on Friday closed at Rs 380.25, up 6.69% or Rs 23.85. Total volume of shares traded was 313,825.