Abhijeet Group seeks Jharkhand CM's help to revive power plant

Abhijeet Group of Industries has sought intervention of Jharkhand Chief Minister Raghuvar Das to ensure completion of its stalled 1,080 MW power plant project at Chandwa in Jharkhand.
Corporate Power Ltd (CPL), a unit of Abhijeet Group of Industries, is implementing the power project.
Corporate Power Ltd (CPL) CEO Ravindra Kumar Singh today said that the group's chairman Manoj Jayaswal met Das last week and requested him to revive the project.
Jayaswal had claimed that the promoter of the project (CPL) had agreed to sell its entire stake of Rs 1507 crore at a nominal value of Rs one only with clear understanding with the lending banks including SBI that they would select suitable promoter for commissioning of the project.

Hailing the chief minister's recent initiative to commission the stalled project jointly with NTPC and the lender bank SBI, Jayaswal stated that the project would add 1080 MW to power-starved Jharkhand.
Till September, 2012, the phase I of the project was completed 95 per cent and Phase II 67 per cent as per lenders Independent Engineers Report (LIE).
The project was stalled after CBI filed an FIR in September 2012 in connection with coalgate scam against JAS Infrastructure, another unit of the group implementing 1,320 MW power plant at Banka, Bihar.
Jayaswal said the lenders stopped disbursement to CPL due to fear amongst them, causing the project to stall.