Krishnapatnam Power inks MoU for Rs.16,680 crore thermal projects in Andhra

Hyderabad-based CVR group said on Monday that its subsidiary Krishnapatnam Power Corporation has signed an MoU with the Andhra Pradesh government to build 2,780 MW capacity of thermal power projects entailing an estimated investment of Rs.16,680 crore.

The project, consisting of three 660 MW units and one 800 MW unit, is located in the coastal region of the state, close to Krishnapatnam Port near the district headquarters here. It is expected to create direct and indirect employment for approximately 1,500 people, the company said in a statement here.

"With the commissioning of these projects, we expect the huge demand of the state to be dealt actively, apart from creating immense job opportunities," Krishnapatnam Power Corp director Chinta Sasidhar said in the statement.

"The recent agreement has tremendously fortified our commitment and contribution towards the macro scheme of 'Infrastructure Mission' of Andhra Pradesh which envisions the creation of world class infrastructure for excellent connectivity and augmenting power generation capacity," he added.

Krishnapatnam Power Corp is a special purpose vehicle implementing the coal-fired thermal power project promoted by Navayuga Power Corp, a part of the Navayuga Group.

Last week, Krishnapatnam Port Company, also promoted by the CVR group, announced it has signed an agreement with Petrogas Pvt. Ltd. and the Andhra Pradesh government to set up a liquefied nartural gas (LNG) regasification terminal.

Petrogas will invest Rs.3,000 crore at Krishnapatnam to set-up the LNG regasification terminal and allied industries, the company said.