Korean South-East Power Company (KOSEP), a subsidiary of Korean state-owned power generator Korea Electric Power Corporation, today signed an initial agreement with Mumbai-based Jinbhuvish Group for technical support for its Rs 3,450 crore project in Maharashtra.
The 600 Mw power plant, being set up in Yavatmal district, is likely to be commissioned in 2016. KOSEP holds a 40% equity stake in the coal-based project. Lenders for the venture include Rural Electrification Corp (REC) and Power Finance Corp (PFC) and PTC India Financial Services (PFS).
“The Yavatmal venture is one of the few thermal projects in India being set up in a JV with foreign investment. All major clearances have been received and the construction activities will commence soon,” Jinbhuvish Group Chairman Manish Mehta said.
Seoul-headquartered KOSEP owns and operates thermal projects with a combined capacity of 8,396 Megawatt, around 12% of total electricity sales in Korea.
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