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Our Bureau

New Delhi , Sept. 10

Power Finance Corporation (PFC) today announced that two of the proposed ultra mega power projects coming up at Sasan and Mundra would be awarded by the end of December.

The boards of these two 4,000-MW projects have also been reconstituted incorporating representatives from state utilities and power procurers, Mr Shyam Wadhera, Director (Projects) of PFC and Chairman of both projects, told reporters here.

Mr Wadhera said that both projects would entail an overall investment of about Rs 40,000 crore. He said that that PFC, as a facilitator for the ultra mega projects, has been talking to domestic and foreign financial institutions for tying up funds. PFC has set a target to achieve financial closure (arrangement of funds both in terms of debt and equity) by the end of 2007 and the first unit would be commissioned within 69 months from the date of awarding project.

State-run NTPC Ltd, private sector majors Tata Power, Reliance Energy, Essar, L&T and GMR besides Japan's Sumitomo and Khanjee Holdings of the US are among those who have submitted initial bids for these projects. PFC, which is the nodal agency for conducting the bidding process of these plants, had received 13 request for qualifications (RfQs) for Mundra (Gujarat) and 15 RfQs for Sasan (Madhya Pradesh) project.

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