Business Daily from THE HINDU group of publications
Tuesday, Sep 05, 2006
Business Daily from THE HINDU group of publications Tuesday, Sep 05, 2006 |
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Corporate
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New Projects
Our Bureau
New Delhi , Sept. 4 Reliance Energy Ltd plans to develop a 1,000 MW coal-based power project in Jharkhand at an investment of Rs 5,000 crore. The company has identified around 1,300 acres of land in the State for the proposed Rajbar power project, which would be accompanied by a coalmine having a full production capacity of about 5 million tonnes per annum. REL has submitted a detailed project report to the Central Electricity Authority (CEA) and has got "in principle" approvals from Punjab National Bank and Standard Chartered Bank for project financing, sources said. According to sources, REL plans to develop the project without waiting for the execution of a power purchase agreement since the firm has captive off-takers in the form of its distribution areas and power trading business. The company is planning to finance the project and coal mine on the strength of its balance sheet and is pushing for a completion time frame of around mid-2011. The company has finalised arrangements with Indian and international coal mining companies for bringing in mining techniques and high-productivity equipment for the coalmine. REL is looking to synchronise the commissioning schedule of the first unit of the power project with the start of the mine production.
More Stories on : New Projects | Power | Reliance Energy Ltd
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