GMR Grp bags 1000 MW Thermal Power Proj

Mumbai, June 5: GMR Infrastructure Ltd, holding Company for GMR Group's energy business and a subsidiary of the Company, has signed a Memorandum of Understanding (MoU) with Government of Chhattisgarh for implementation, operation and maintenance of a 1000 MW Coal-based Thermal Power Plant in the state.

The GMR is presently in the process of identifying a project site, after evaluating proximity to Coal mines and the Transmission corridor, the company informed Bombay Stock Exchange (BSE) today.

The Detailed Project Feasibility studies are expected to begin in a fortnight. The Government of Chhattisgarh would provide all necessary assistance towards the development of the project and also extend all incentives which other Industrial projects in the state receive, as per the MOU.

As per the terms of the MoU, the State is entitled to avail 5 per cent of net energy annually at Variable cost as determined by the appropriate regulatory commission.

The State has the right to purchase upto 30 per cent of power from the Project for a period of 20 years through its nominated agency.

With this 1000 MW project, the GMR Group now has power assets of about 830 MW, which are already commissioned and power projects with more than 2440 MW capacity, under various stages of development.

UNI