The CEO of Sahara Power Ashok Bhargava and president & CEO of Korea East-West Power, Gil Gu, recently signed a memorandum of agreement (MoA).
While Sahara Power is the Sahara group’s initial venture into the power sector, Korea East-West Power is an undertaking of the government of Korea. Both have agreed to jointly participate in tariff-based bidding for ultra mega power projects (UMPPs) and other opportunities in India.
Both firms have already tied up to set up a 2x660-MW power plant in Titlagarh, Orissa, with an investment of about Rs8,000 crore.
They claim to have jointly brought to India new and innovative thermal power generation technologies by optimizing the resources in terms of fuel consumption, heat recovery and waste water resources and recycling. Pollution levels are also expected to be lower than current Indian norms.
Gil Gu said, “India is an important country for us as it is one of the emerging powers of the world, and with Sahara Power as our partner we are confident that our projects will serve the energy requirements in further development of India.”
Together with Bhargava he met Union ministers including Sushil Kumar Shinde and Sriprakash Jaiswal, and senior functionaries of the Power Grid Corporation of India, a leading provider of power trading solutions.
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