Tamil Nadu scraps power joint venture with BHELFebruary 24th, 2012 - 3:22 pm ICT by IANS
Chennai, Feb 24 (IANS) Tamil Nadu Chief Minister J. Jayalalithaa Friday scrapped the 1,600 MW power project joint venture with Bharat Heavy Electricals Limited (BHEL) and announced that the government would fully fund the project itself.
In a statement issued here Friday, Jayalalithaa said that there had been no progress in the Rs.8,000 crore power project after the Memorandum of Understanding (MoU) was signed in 2007 between the Tamil Nadu Electricity Board (TNEB) and BHEL.
The two organisations had signed the MoU to promote the power project at Udangudi in Tuticorin district, taking a 26 percent stake each in the Udangudi Power Corporation Limited.
Jayalalithaa said the balance 48 percent stake would be contributed by a private player who decides to participate in the project or by a financial institution funding the project.
Jayalalithaa said Thursday that after reviewing the status of the project with officials, the government decided that it was not possible to implement the project through the Udangudi Power Corporation and therefore, it would fund the project from its own coffers and the project would be implemented by the TNEB.
She said that as there was no long-term coal linkage from any of the domestic coal companies, the TNEB would import the required coal and action would be taken to get environmental clearance for the project.
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Tags: bhel, chennai, chief minister, coal companies, coffers, corporation limited, domestic coal, environmental clearance, financial institution, j jayalalithaa, joint venture, linkage, memorandum of understanding, mou, percent stake, private player, rs 8, scraps, tamil nadu electricity board, tneb