SBICAP to syndicate funds for Thermal Power project of DVC

Mumbai, Oct 31 (UNI) SBI Capital Markets Ltd (SBICAP), has entered into a MoU with Damodar Valley Corporation (DVC) to syndicate funds for DVC enabling them to undertake power projects to the tune of 3500 MW out of DVC's capacity extension/addition plan of 45 MW during the 11th plan period.

SBICAP Managing Director&CEO R Sridharan told reporters here today, ''With easy availability of coal and water in the command area, DVC has been rendering immense service to the nation through supply of good quality and cheap power to core industries in its command area. With the passage of the Electricity Act, DVC is now planning to expand its capacity rapidly and supply power to utilities outside the Command Area, especially to power deficit northern states and this step will be the dawn of a new era for the company. There will be an immense requirement of resources to fund these plants, and SBICAP is commited to partner DVC in its endeavours.'' Meanwhile, DVC Chairman A K Barman also said, ''Additionally, we want to capitalise on our expertise in setting up and operating thermal power plants, and access of critical resources like coal, to serve other regions of the country that are facing power shortage.'' States like Delhi, Punjab, Haryana and Madhya Pradesh are looking forward to strategic association with an established player like DVC for good quality cheaper power to fuel their growth plans.

In such a scenerio, DVC would like to gain from expertise of SBICAP in arranging funds for such infrastructure projects which are important for the future of our nation, Mr Barman added.

UNI AR MJ AW1531