International Finance Corporation has proposed to
extend $25 million as long term loan to Chennai Water Desalination Ltd, which is setting up a
$104 million water desalination plant at Minjur near Chennai.
CWDL is a joint venture between Hyderabad-based IVRCL
Infrastructures & Projects Ltd and Befesa Construction Tecnologia Ambiental
of Spain.
The company, which won the project in
September 2005, is expected to complete the project within 18 months from the
date of agreement entered into with Chennai Metropolitan Water Supply &
Sewerage Board (CMWSSB).
In the proposed project IVRCL is
holding 75 per cent of the CWDL stake while the Spain's Befesa has the remaining
25 per cent, it is learnt.
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Project
details