Hyderabad-based Bhima Cements Limited (formerly Ckoramaandel Cements Limited), is presently sketching an investment plan worth Rs 50 crore for setting of five wind power stations in Anantapur district of Andhra Pradesh.

The company has already issued a letter of intent (LoI) to Suzlon Energy for executing the wind power stations, each with a 1.5 Mw capacity, on a turnkey basis.

According to the company, out of the total investment, 70% will be pooled in through debt, while the balance amount would be raised through internal accruals.

The company intends to use this wind power for captive consumption at its cement manufacturing facility in Nalgonda.

The project is expected to be fully operational by March 2009.

Bhima Cements already has three wind power stations in Tirunelveli district of Tamil Nadu with a combined capacity of 4.5 Mw, which the company is selling to the state electricity board for Rs 2.90 per unit.

Apart from this, Bhima Cements has also embarked on a Rs 700-crore brownfield expansion of its production capacity at Nalgonda to 2.4 million tonne a year. The expansion, which would be carried out in two phases, is expected to complete within next two years.