Shell, Bpcl To Set Up Power Plant

The Indian unit of Royal Dutch Shell and Bharat Petroleum Corp will set up a 500-megawatt power plant near their proposed refinery in northern India, a BPCL official said yesterday. The two together will hold 26 per cent equity in the new company, the official said.

He said the UP State Electricity Board had shown interest in acquiring 5 per cent equity. Almost 43 per cent will be offered to the public and FIs, he said. The power plant is estimated to cost Rs 1,453 crore ($377.4 million) and is to be funded through a debt-equity mix of 70:30, he said.