Mumbai: Nakoda Limited (BSE code: 521030), one of India's largest players in the fully drawn yarn segment, is set to commence its Wind Power project in MP.

Nakoda Limited proposes to acquire Wind Mills from Global Wind Power Ltd.(GWPL), a company floated by Reliance ADAG Group. The wind turbines are developed by GWPL with state of art technology in collaboration with Norwin Denmark.

Nakoda Limited will invest a sum of Rs. 32.92 crore to be funded by debt of Rs. 23 crore & balance from internal resources. The Wind Power Plant which is to be set up at Jethana, District – Ratlam, MP will have 7 turbines with a capacity of 750 KW each aggregating to 5.25 MW.

Nakoda Limited will enter into a power purchase agreement with Madhya Pradesh Electricity Board to supply around 112 lakh units per year at the rate of Rs. 4.35 per unit for 13 years. The investment will have positive impact on the balance sheet of Nakoda Limited.

After the commissioning of the new machines, Nakoda's wind power capacity will increase from existing 6.75 MW to 12 MW.

Speaking about the new project in MP, Mr. Babubhai Jain, Chairman & Managing Director of Nakoda Limited said, "We are happy to commence our second wind power project after the one in Tamil Nadu last year. With the project in MP, we enter into new territories and hope to mark our presence across the country."