New Delhi, Feb 5: Prakash Industries Ltd today said it has inked Memorandum of Understanding (MoU) with Chhattisgarh government to set up and operate a 600 MW thermal power station in the state with an investment of about Rs 2,400 crores.
The project, to be financed through a mix of equity and debt, may be implemented in the company or in a Special Purpose Vehicle (SPV) formed for this purpose, company said in a statement. The project would be operational within a period of three to four years. According to the agreement, the state government will assist the company in allotment of a captive coal block for the project, it added.
''The company will be entitled to wheel the power through Power Grid Corporation of India Ltd / Other Grid Lines or its own dedicated lines for its own use or for its customers,'' the statement said.
The company has also established a steel plant in Champa, Chhattisgarh.