Global metal and mining major Vedanta Resources has decided to revive its Rs 10,000-crore independent power project in Punjab, which it had put on hold last year.
“We have taken a decision to revive the 1980-Mw Talwandi Sabo project in Punjab. We will soon take a call on reviving the 1980-Mw power project planned in Orissa,” Vedanta Resources Vice Chairman Naveen Agarwal said during an analyst call conference last week. NRI billionaire Anil Agarwal-led company put the Punjab power project on hold after global metal prices crashed by over 50 per cent, which pushed the company to reduce the capex for the next four years by about $5 billion.
The subsidiary of Vedanta’s flagship company Sterlite Industries intends to use the net proceeds to partially finance the construction and development of the Talwandi project.
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