Texas Power Generation to set up plant in IndiaPublished by MAC on 2006-02-20
Source: Unknown ()
Texas Power Generation to set up plant in India
20th February 2006
NEW DELHI: The U.S.-based Texas Power Generation (TPG), a company focused on setting up mega power projects in India with around $10 billion investment over the next decade, has firmed up plans on a 1,320 MW thermal plant in Chhattisgarh.
The company, with majority shareholding by Indians settled in the U.S., has signed a pact with the Chhattisgarh Government for setting up the power plant as also a coal washery and sponge iron plant.
The company’s Chairman and President, Vijay Jain said, “We are planning $1.2-1.5 billion investment in setting up the 1,320 MW coal-based power plant in Chattisgarh. We have already signed a 25-year contract with the PTC India for offtake of the power and sought land clearance for the plant.”
TPG has already applied for a coal block and hope to get it by this year-end. This is part of the agreement signed with the government for setting up the power plant. Meanwhile, the company is planning to open an office in the capital as it firms up future projects while the feasibility study, detailed project report and other studies regarding the first project.
All the necessary clearances and land acquisition for the Chhattisgarh power plant are expected to be completed by yearend to enable the project construction to begin by January 2007 and completion by 2011, Jain said.
"Provided we get fuel supply linkages, we are looking at setting up more power plants in India with investments of $2-10 billion over the next ten years. With Indian economy looking upward, we feel this is the right time to invest in India," he added.