The Hindu Business Line : NPCL to announce financial closure for new thermal plant soon

Nagarjuna Power Corporation Ltd (NPCL), which is planning to set up a 1,015-MW thermal plant at Padubidri in Udupi district, will announce the financial closure in two months.

Addressing presspersons here on Saturday, Mr Praveer Sinha, Chief Operating Officer of NPCL, said that the banks are issuing sanction letters to the project. In all probability, the financial closure will be announced in the next two months. Full-fledged work on the project will start after that. The total loan amount in the project will be Rs 3,440 crore.

The project has got a sanction of Rs 950 crore from Power Finance Corporation, Rs 500 crore each from Rural Electrification Corporation and Housing Urban Development Corporation. In all, it may get a sanction of Rs 4,000 crore from various banks, he said. The project cost is estimated to be in the range of Rs 4,300 crore.

Industrial Park

Asked about the ongoing agitation against the project, he said various governments - both at the Centre and State - have given 64 clearances for the project in the last 12 years. Mr Sinha said that the company would set up an industrial park in the area along with the thermal plant. In that project-affected people may set up ancillary industrial units. Added to this, the company is also planning to encourage local land developers to build housing colonies for the staff. Around 500 to 700 houses are likely to be built in the area.

Employment Opportunities

To a query on employment opportunities in the plant, he said the project is likely to provide nearly 1,000 direct employments. Added to this, ancillary units near the plant are likely to provide a good number of jobs to the people in the area.

The company is planning to build a cadre of skilled and unskilled manpower.