Financial Daily from THE HINDU group of publications
Sunday, Jun 05, 2005
Financial Daily from THE HINDU group of publications Sunday, Jun 05, 2005 |
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Corporate
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Environment ONGC Tripura to seek environment clearance for Palatana project Our Bureau
Kolkata , June 4 ONGC Tripura Power Ltd will seek environmental clearance for its proposed 750-MW gas-based power plant at Palatana in Tripura this month. The company has formed a joint venture with Power Grid Corporation to set up a transmission network from the project site to Bongaigaon in Assam. It holds a minority stake in the joint venture. Talking to newspersons here on Saturday, the ONGC Chairman, Mr Subir Raha, said, "The route survey for the project has been commissioned and the detailed feasibility report will be ready shortly." The transmission line will feed power to the national grid. Meanwhile, ONGC Tripura has commissioned the detailed feasibility report for the proposed generation facility. The project is estimated to cost Rs 3,500 crore. "We have already sought environmental clearance from the State Pollution Control Board of Tripura which is expected shortly, following which the proposal will be sent for approval to the Union Ministry of Environment and Forests," said Mr Raha. The company has been set up as a special purpose vehicle to commission the power project. ONGC holds a 26-per cent stake in the company. Infrastructure Leasing and Finance Corporation and the State Government of Tripura hold 50 per cent and 24 per cent stake, respectively. Power Trading Corporation has been identified as a project partner to ensure smooth evacuation and high plant load factor. The Tripura power project has been conceived for effective use of the natural gas resources in the State. While ONGC is forced to sell gas at a special concessional rate in the northeastern States, the company's production plan is also suffering because of low offtake, leading to capping of wells.
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