 "MCL may team up with a central PSU for 1600 Mw power plant")
The power plant is estimated to cost Rs 10,000 crore.
A K Jha, chairman and managing director of MCL said, "We are going to open up one power plant. We have applied for coal linkage. Land (for the project) has been earmarked. Environment and forestry clearance is in progress. As of now, we don't have any joint venture (JV) partner for the project. Today, 100 per cent equity of the power project is with MCL. But I cannot comment on what shape it may take in the future."
On the possibility of having a JV partner for the power project, Jha said, "We are thinking of some JV partner. In all likelihood, it would be a PSU. We have the expertise of NTPC and Neyveli Lignite Corporation (NLC). They can be the possible JV partners."
The MCL CMD said the company is actively going ahead with the construction and commissioning of the power plant. The power plant is likely to be commissioned in four years.
The plant would be put up by Mahanadi Basin Power Ltd, a fully owned MCL subsidiary. The project has got the nod of the High Level Clearance Authority (HLCA), the highest body to approve investments in Odisha.
MCL aims to use coal from Basundhara area in Sundergarh district, having reserve of 6.8 billion tonne. The annual coal extraction from this mine is set to touch 40 million tonne per annum in the coming years.
