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Lanco Group acquires 75pc stake in Mangalore power project

Wednesday, 31 May 2006
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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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