Nagarjuna Power Corporation (NPCL) is
likely to achieve financial
closure by September 2006 for developing a
1,015 MW coal-based power plant at Mangalore in Karnataka. The project will
entail an investment of Rs.4,300 crore.
Lanco Group has joined hands with
Nagarjuna Power Corporation (NPCL), a Nagarjuna Group company, for setting up
the project. As per the agreement signed, Lanco will have 74 per cent stake and
Nagarjuna a 26 per cent stake in NPCL.
NPCL will be the first independent
power project in the country to operate on imported coal. The company has signed
power purchase agreements with five electricity supply companies (ESCOMs) in
Karnataka to off-take of 90 per cent of the power generation from the project.
NPCL has also received all statutory
clearances from the ministry of environment and forest. Work on the project is
scheduled for completion by 2009.
[Note: NPCL,
incorporated on 23 February 1996, is a special purpose project company promoted
by Nagarjuna Group to establish power plants.]
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