GMR Infrastructure signs agreement with GRIDCO for 1000 MW project in Orissa

GMR Infrastructure Ltd has announced that GMR Energy Ltd, a 100% subsidiary of the Company, has signed the Power Purchase Agreement with GRIDCO, Government of Orissa, for setting up of a 1000MW Coal Based Thermal Power Plant at Dhenkanal District, Orissa dt September 28, 2006. The company has already signed MOU with Government of Orissa on June 09, 2006.

This plant will be built using the latest state of the art technology. The company has already identified the land and is in an advanced stage of development of the project. The company intends to wheel 75% of the sellable power to the power deficit states in the Southern India. The remaining 25% at 80% plant load fact shall be supplied to GRIDCO for the period of 25 yrs. The power purchase agreement is signed to this effect.

The plant is scheduled to be commissioned by end of 2010 and second phase by middle of 2011. The plant will deliver power at most competitive tariff.

Source : Equity Bulls

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