Vikash Metal inks an MOU with Bihar State Electricity Board

Vikash Metal & Power Ltd has announced that the Company has inked an MOU with the Bihar State Electricity Board (BSEB) for execution of 2X250MW thermal project in Begusarai on June 16, 2007. The project will be requiring an investment of Rs 2500 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 State electricity Board with the assistance of the State Government will help the Company in coal block allotment. The proposal has already received approval from State Investment Promotion Board. The approval from the State Pollution Board will be received in couple of days. The Company 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 2000MW power plant in phases.

The stock was trading at Rs.16.10, up by Rs.0.27 or 1.71%. The stock hit an intraday high of Rs.16.65 and low of Rs.15.72. The total traded quantity was 115681 compared to 2 week average of 195450.

Source : Equity Bulls

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