| Some of the output will be for captive use.
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| Ispat Industries has signed a memorandum of understanding (MoU) with the Chhattisgarh government for setting up a 600-mw coal-based power project at a cost of Rs 2,500 crore. The company may float a special purpose vehicle (SPV) for the purpose.
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| The project, which will come up in Janjgir-Champa district of the state, is proposed to be funded in a 70:30 debt-equity ratio.
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| The company intends to use part of the power to run its integrated steel plant facility at Dolvi in Maharashtra and the rest will be sold to the state electricity boards.
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| The project is expected to generate direct and indirect employment to 2,400 persons.
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| Ispat Industries managing director Vinod Mittal said the company would also look at setting up mineral-based industries in the state.
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| “We are anticipating a tremendous growth in the power sector in India. We would be requiring additional power for captive purposes for our expansion drive. Our investment will help us cater to both the needs,” he said.
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| The memorandum of understanding was signed by Mittal and Vivek Dhand, principal secretary (energy and water resources) to the Chhattisgarh chief minister.
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| Last month, the Pramod and Vinod Mittal-controlled steel company signed a Rs 2,000-crore MoU with the Maharashtra government to augment capacities to 5 million tonne at its plant in Dolvi. |
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