KSK Energy Ventures Ltd sets up 540 MW Project in Maharashtra

Mumbai, May 13 (UNI) Hyderabad-based private firm KSK Energy Ventures Ltd (KSK) has launched a 540 MW power project at Warora, in Chandrapur district of Maharashtra through a Special Purpose Vehicle (SPV) 'Wardha Power Company Private Limited (WPCPL)'.

Maharashtra Chief Minister Vilasrao Deshmukh yesterday laid the foundation stone for the plant in presence of Union Minister of Power Sushil Kumar Shinde, along with State Power Minister Dilip Valse-Patil and Minister for animal husbandary and guardian Minister for Chandrapur Haji Anees Ahmed.

Involving a total investment of Rs 2,400 crore, the plant will have a power generating capacity of about 3,500 million units per annum.

Gujarat Mineral Development Corporation (GMDC), which also retains a right to invest up to 26 per cent of the equity of the power project, will provide fuel to the plant and Maharashtra Industrial Development Corporation (MIDC) has lent support to the initiative by providing 94 hectres of land for the project in Warora. The additional requirement of 50 hectres has been appraised by MIDC. Water requirement for Phase-I as per Project Schedule have been appraised to MIDC, GMDC.

KSK identified Maharashtra as a Load Centre, where there is a huge deficit in power demand, especially from new industrial projects coming up in the region.

The most important thing being, this project will relieve a burden on Maharashtra Power Utility to source additional 540 MW power for new industrial customers, directly or indirectly, thereby benefiting the State by creating jobs at both the Steel plant and power project, benefits to the State in the form of taxes and duties and many others.

The project has achieved full financial sanction for the first phase from the following three financial institutions banks, Rural Electrification Corporation Limited (REC) Rs 555 cr, HUDCO Rs 233 cr, Indian Overseas Bank (IOB) Rs 100 cr, KSK Rs 130 cr and Viraj Profiles Limited Rs 90 cr, pump in a combined equity of Rs 220 cr.

UNI