Indiabulls receive LoI from CSEB for Bhaiyathan Thermal Project

New Delhi, Apr 4 (UNI) Indiabulls Real Estate Ltd (IREL) today said its subsidiary has received Letter of Intent (LoI) from Chhattisgarh State Electricity Board (CSEB) for development of captive coal mines and providing low cost coal supply to the power project.

''Indiabulls Power Generation Ltd (IPGL), a subsidiary of IREL has been awarded the LoI for Bhaiyathan Thermal Power Project (Bhaiyathan TPP) in Chhattisgarh by CSEB,'' the company said in a statement.

CSEB had invited bids for procurement of power produced on long term basis from projects comprisingn of building, owning, operating and maintaining of a coal fired thermal power project at Bhaiyathan in Chhattisgarh.

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

35 per cent of the power produced from the Bhaiyathan project will be available for merchant sale at market rates and the remaining 65 per cent will be sold to CSEB at the quoted levelised tariff.

CSEB will soon hand over the land, water and environmental clearances for the project, it added.

UNI PDT AK DS1220