NSL Power, part of the Hyderabad-based NSL Group (Mandava Prabhakara Rao, Chairman), has signed a memorandum of understanding with the Orissa government for setting up a 1,320 (2x660)-Mw coal-based power plant.
The project, with an investment of around Rs 6,600 crore, would come up near Boinda in Anugul district of the state.
The Orissa government will assist NSL in getting single window clearances and approvals. Besides, it would recommend allocation of captive coal blocks from the central government. The mega project will also sell power to distribution entities of other states.
Speaking to Business Standard, NSL Power vice president Shekar said the project would come up on 1,000-1,200 acre. The company was in the process of getting environmental clearances and would follow it up with financial closure towards the end of this calendar year. "We expect the financial closure to happen in December or March next year,'' he said.
Of the total project cost, 75 per cent would be debt and the remaining equity, which is likely from internal accruals.
NSL group chairman Mandava Prabhakar Rao said NSL Power would be implementing conventional thermal power projects with a total capacity of 2,640 Mw, including a 1,320 Mw thermal power project in Nagapattinam district of Tamil Nadu, at an investment of around Rs 7,000 crore. The Tamil Nadu project is in advanced stage of development, , according to a release. The group is into agriculture, textiles and power among others.