Financial Daily from THE HINDU group of publications
Tuesday, Nov 22, 2005
Financial Daily from THE HINDU group of publications Tuesday, Nov 22, 2005 |
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Corporate
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Alliances & Joint Ventures NLC, TNEB float co for 1,000-MW project in TN Our Bureau
Chennai , Nov. 21 NEYVELI Lignite Corporation has floated a new company, NLC Tamil Nadu Power Ltd, along with the Tamil Nadu Electricity Board (TNEB), to implement a 1,000-MW power project. According to information provided by Neyveli Lignite to the stock exchange, NLC Tamil Nadu Power will set up a 1,000-MW coal-based thermal power project at Tuticorin at a cost of Rs 4,500 crore. The joint venture will be funded through equity and loan with Neyveli Lignite holding 89 per cent of the equity and the TNEB 11 per cent. The power plant, which is to be completed by 2010-11, will come up adjacent to the TNEB's existing thermal power station at Tuticorin. Land is to be allotted by the Tuticorin Port Trust on a long-term lease. Over five million tonnes of coal will be needed every year from Talcher Coalfields, Orissa, along with imported coal for blending. The power plant will have two units of 500-MW each and will supply power to Tamil Nadu, the major beneficiary, and to Karnataka, Kerala and Pondicherry. The proposal is to be submitted to the Centre for clearance, the announcement said.
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