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Mumbai, April 5 Indiabulls Real Estate Ltd said Indiabulls Power Generation Ltd has been awarded a letter of intent for the Bhaiyathan Thermal Power Project by the Chhattisgarh State Electricity Board.

Chhattisgarh State Electricity Board had invited bids for the procurement of power produced on long-term basis from the project, comprising building, owning, operating, maintaining of a coal-fired thermal power project at Bhaiyathan.

Low-cost coal supply

The project includes development of captive coal mines containing proven reserves of 349 million tonnes in the district Korba, Chhattisgarh, to provide low-cost coal supply for the power plant.

Thirty-five per cent of the power produced from the Bhaiyathan project is available for merchant sale at market rates and the remaining has to be sold to State electricity board at the quoted levelised tariff.

The board is to hand over land, water and environmental clearances for the project, Indiabulls Real Estate told the Bombay Stock Exchange.

(This article was published in the Business Line print edition dated April 6, 2008)
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