Korean power firm signs pact for Rs 3,450-cr project in Maharashtra

Korean South-East Power Company (KOSEP), a subsidiary of Korean state-owned power generator Korea Electric Power Corporation, on Friday signed an initial agreement with Mumbai-based Jinbhuvish Group for technical support for its  Rs 3,450-crore project in Maharashtra.

The 600-Mw power plant, being set up in Yavatmal district, is likely to be commissioned in 2016. KOSEP holds 40 per cent equity stake in the coal-based project.

Lenders for the venture include Rural Electrification Corp and Power Finance Corp and PTC India Financial Services.

“The Yavatmal venture is one of the few thermal projects in India being set up in a JV (joint venture) with foreign investment. All major clearances have been received and construction activities will commence soon,” Jinbhuvish Group Chairman, Manish Mehta, said.

Seoul-headquartered KOSEP owns and operates thermal projects with a combined capacity of  8,396 Megawatt, around 12 per cent of total electricity sales in Korea.