Indian cabinet approves $ 1.47 bn power plant

Jan 24, 1997 01:00 AM

The Indian cabinet has approved a proposal by Central India Power Co Ltd to set up a $ 1.47 bn power plant in the western state of Maharashtra. The 1,082-MW plant would have $ 444 mm in foreign equity held jointly by a consortium led by Denro Ispat Ltd, as well as by GEC Alsthom Ltd, Electricite de France (EDF) and their affiliates. The consortium led by Denro Ispat would hold 53 % of the $ 444 mm foreign stake. GEC-Alsthom, a joint venture between Britain's General Electric Co Plc and France's Alcatel Alsthom, and its affiliates would hold 31.8 % of the foreign stake. EDF and its partners would own 15.2 %. The $ 444 mm foreign stake marked an increase over an earlier proposed $ 270 mm foreign holding. While the foreign equity in the joint venture has been raised, the capital cost has been scaled down to $ 1.47 bn from $ 1.64 bn. The capacity of the plant goes up to 1,082-MW from the previous 1,000 MW. The coal-based thermal power station will be located at Chandrapur town. India, struggling to meet a huge power shortage, opened up the sector to private companies under an economic reforms programme launched in 1991. Investors were offered attractive terms, including financial guarantees by the federal government for eight "fast track" projects. Global giants including Enron, Cogentrix, Powergen and National Power responded to the offer.

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