After being handed over the reins of the $2-billion Shapoorji Pallonji (SP) Group, Shapoor Mistry is betting big on energy.

Through Eureka Forbes, the group has entered into solar energy-based products, branded EuroDiya. The group is also setting up a 2,640MW, imported coal-fired power plant in Gujarat, signaling the 147-year-old construction-to-textile conglomerate's renewed thrust on energy, a sector that is dominated by a host of Indian corporate giants like Tatas, Reliance-Anil Dhirubhai Ambani Group, Vedanta, Essar and GVK.

The SP Group's first brush with energy was in 1997 through the 105MW liquid fuel power unit at Samalpatti in Tamil Nadu. But it was only recently that it cleared its debts and acquired 100% interest in the power project after buying out its foreign partner, the US-based Covanta. It has now revived interest and is lining up investments in solar and wind energy. Some months ago, it acquired large tracts of land in Ethiopia for cultivation of biodiesel feedstock.

"It is looking at projects both in India and in other global markets. While EuroDiya will be the consumer-facing end of the group's energy thrust, which will be executed by Eureka Forbes, the on-grid will be driven by the SP Group," said Suresh Goklaney, executive vice-chairman, Eureka Forbes.

Interestingly, SP Group's earlier entry into power was led by Shapoor's younger brother Cyrus, who was recently appointed to the board of Tata Power, marking his first directorship on a listed Tata company after being named Ratan Tata's successor at Tata Sons in November 2011. He has subsequently dissociated himself from managing SP Group's business, leaving the same to elder brother Shapoor.

EuroDiya is the group's first play in solar energy, an area the group has been eyeing for four years. While EuroDiya has been launched in India, Eureka Forbes plans to take the product to other markets like Africa, Indonesia and Thailand.

Source :timesofindia.indiatimes.com