Financial Daily from THE HINDU group of publications
Saturday, Jan 28, 2006
Financial Daily from THE HINDU group of publications Saturday, Jan 28, 2006 |
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Corporate
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Alliances & Joint Ventures Jaiprakash Associates forms mining venture in Madhya Pradesh Our Bureau
New Delhi , Jan. 27 JAIPRAKASH Associates Ltd (JAL) has formed a joint mining venture with Madhya Pradesh State Mining Corporation to explore a coal block estimated to have 70 million tonnes of extractable coal reserves. The joint venture company, called Madhya Pradesh Jaypee Minerals Ltd, will develop the coal block located in the State, a JAL statement said on Friday. The venture is expected to produce 2 mt of coal each year, it said. JAL and its associate companies will also set up a 1,000-megawatt coal-based power plant in Madhya Pradesh. The project will be implemented in two phases. The first phase will build a 500-MW power plant and will use coal from the mine in Madhya Pradesh, the statement said. Madhya Pradesh State Mining Corporation will not invest any money in the joint venture and is guaranteed of assured income by way of a facilitation fee on each tonne of coal produced, the statement said.
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