Vikash Metal inks MoU with Bihar State Electricity Board

Mumbai, June 18 (UNI) Vikash Metal&Power Ltd today announced that it has inked on June 16 a memorandum of understanding (MoU) with the Bihar State Electricity Board (BSEB) for execution of 2X250 mega watt thermal project in Begusarai.

The project will require an investment of Rs 2,500 crore which will be funded through a mix of debt and equity and is likely to be commissioned by 2011. The company has approached the Union Coal Ministry for coal blocks, the company informed Bombay Stock Exchange (BSE).

The State Electricity Board (SEB) with the assistance of the state government will help the company in coal block allotment. The proposal has already received an approval from State Investment Promotion Board (SIPB) and an approval from the State Pollution Board will be received in a couple of days.

Vikash Metal&Power Ltd has been allotted 300 acres of land by the Bihar Industrial Area Development Authority at Bagusarai. The company even has future expansion plans for setting 2,000 MW power plant in phases.

UNI