The Hindu Business Line : Nagarjuna Thermal to announce financial closure for power plant

THE Nagarjuna Thermal Power Corporation will announce financial closure for its proposed 1015-MW coal-based power plant at Padubidri in Udupi district within six weeks.

Addressing presspersons here on Friday, Mr Praveer Sinha, Chief Executive Officer of the company, said the plant would be operational within 38 months of its financial closure.

Many banks and the Government were keen on the establishment of the project, he said. The public sector financial institutions are extending loans of around Rs 2,250 crore for the Rs 4,299-crore project.

At present, nearly 100 people are working at the site. "The number will be increased to 500 within one-and-a-half months," he said.

Bharat Heavy Electricals Ltd will supply equipment to set up the plant. Fencing at the project site will be taken up next week.

To a query on the opposition to the project by a section of society, Mr Sinha said the company had 60 clearances for this project.

Stating that local people are not opposed to the project as it will help in the economic development of the region, he said only a few "vested interests" were opposing it. Many ancillary industries will be benefited from the project.

The power produced at the plant would be available at a cheaper cost compared to other sources, Mr Sinha said.

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