Korean firm to invest Rs3,700 cr in Maharashtra power project
18 Jan 2014
South-East Power Company Ltd (KOSEP), a subsidiary of the government-owned Korea Electric Power Corp, will invest $600 million (nearly Rs3,700 crore) in a thermal power project in Maharashtra.
The 600-MW thermal power project worth about Rs3,450 crore is being set up by Jinbhuvish Power Generations Pvt Ltd, with KOSEP is a 40 per cent equity stakeholder. The two companies on Friday signed a Memorandum of Understanding for the project. The MoU was signed by KOSEP chief executive officer Yep Heo and Jinbhuvish Group chairman Manish Amarchand Mehta in New Delhi on Friday.
Under the agreement, KOSEP will have a 40 per cent equity stake in the power unit to come up at Yavatmal in the Vidarbha region of Maharashtra, with two 300 MW coal-based power plants, which will be operational by 2016.
The lenders for the project include the Rural Electrification Corporation, Power Finance Corporation, PFS and IIFCL. All major clearances and approvals for the project have already been received and the project is ready to launch with site construction activities commencing soon, Jinbhuvish said in a statement.
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