Govt looking at seeding power fund for stressed assets:Goyal

The government is looking at seeding a "power fund" with support from international investors to pick up stressed assets for revival, Coal and Power Minister Piyush Goyal said today.
"We are looking at seeding a power fund, which could be supplemented with support from international investors. A lot of international investors have shown interest in investing in India." Goyal said addressing a press meet here to mark the completion of one year of the NDA government.
"They believe that India story is the best story happening in the world. Today, of course it is the fastest growing large economy," he added.

Goyal added that a good corpus could be created by roping in international companies and the Centre could acquire the stressed assets in a very attractive manner.
He said the fund could pick up stressed power plants and revive them.
The power minister, however, added the problems faced by power sector were being exaggerated.

He said a self-hedging mechanism to allow foreign investors to get dollar tariff in solar power projects is being worked out.
Speaking on coal cess, he said by raising it four times, a huge sum is likely to be generated and proceeds will go to the National Clean Energy Fund.

Also, he said steps steps were on to augment Coal India production and 60 new mines were on the anvil.