"We have major capital expenditure plans. To meet the requirements the board will meet tomorrow to discuss various fund-raising options," chairman and managing director RV Shahi told The Financial Express.

"At this point in time I cannot say what the instrument will be, or how much funds will be required. That will be finalised by the board," Shahi said.

The board's decision will be later put forth for shareholders approval at the annual general meeting in July-end. The power company has a paid-up capital of Rs 188 crore, while the authorised capital stands at Rs 350 crore.

The company's capex plans, approved by the board, would entail investments of over Rs 2,000 crore over the next couple of years. Recently, the company took over the management control of three state-owned power distribution companies in Orissafor Rs 117 crore.

BSES' capex plan for the next two fiscals includes expansion of generation capacity at the Palghar unit by 500mw. The company also proposes to generate an additional 1,500-2,000mw through strategic alliances and joint ventures. Of these, 700-800mw would be generated from thermal units, while the balance will be gas- and liquid fuel-based generating stations.

BSES is also gearing up to expand project services so as to include EPC contracts and is targeting a turnover of Rs 750 crore. The overall plan includes setting up an aggregate generating capacity of 8,000mw by 2010.

BSES expects a turnover of Rs 1,100 crore from the three Orissa companies, which together supply around 6,600 million units. These have a peak load capacity of 1,100mw.

The company is also eyeing coal beneficiation and mining projects and diversifying into manufacture of electrical meters through acquisition or in collaboration. In the field of telecom, the company is planning a major foray into software developmentfor hi-tech applications in power and telecom sectors.

The contract division of BSES has bagged six projects worth Rs 164 crore for power transmission and distribution (T&D) in Orissa. These include setting up a new infrastructure for T&D systems and upgradation and extension of the existing network including sub-stations. BSES has also bagged a similar order in Kerala for Rs 6 crore.