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Jindal India urges approval for land mortgage in Odisha

Tuesday, 27 May 2014
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Jindal India Thermal Power (JITPL) has urged Odisha Industrial Infrastructure Development Corporation (Idco) to grant approval to create a mortgage for 1,029.84 acre land at its coal-based power project site at Derang, in Angul.


Idco’s approval will pave the way for the company to raise Rs 1,455 crore loan.


The standstill on mortgage of the land leased out by Idco for industrial projects ended with the new notification given by the state government.


As per the new notification, while granting permission for mortgage, the same has to be examined and approved by the Idco board of directors on a case-to-case basis. Permission for the mortgage will be issued only for the purpose of financing the project for which the land has been allotted.


JIPTL is implementing the 1,800 MW coal-based power plant with an estimated cost of Rs 9,000 crore and is being developed in three phases. Each phase entails a capacity of 600 MW. Unit-I of the project was recently commissioned. 


Recently, the state government extended the MoU with JITPL. As per the revised MoU, JITPL cannot dilute its stake holding to below 51 per cent for at least three years from the date of commencement of its operations. Also, any stake sale beyond this lock-in period will need prior permission of the state government.

 

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