Coal India Ltd’s flagship company Mahanadi Coalfields Limited (MCL), will set up a 1600 MW power plant with super critical technology at its Basundhara area in Sundargarh district in joint venture.
MCL would be the only coal company in the country to venture into power generation. It intends to utilise its huge undespatchable coal reserve in Basundhara and invest its own surplus funds creatively.
A special purpose vehicle (SPV) Mahanadi Basin Power Limited has been formed last year. The Director Finance of MCL, Kulamani Biswal, has been appointed as the chairman of the Public Limited Company.
According to Biswal, the proposed coal-based power plant would be the first of its kind in the coal behemoth and is estimated to cost around `9000 crore. It will have two 800 MW units of super critical technology, Biswal added.
“The power project will be funded with debt-equity ratio of 70:30 where MCL will be holding 26 per cent of the stake. It may go up to 49 per cent. However, the management will be under a private partner,” Biswal said.
No comments:
Post a Comment