GMR, CLP bid jointly for Sasan project
GMR Group and China Light and Power have signed a MoU to jointly bid for the Sasan ultra mega power project in Madhya Pradesh.india Updated: May 18, 2006 15:45 IST
Bangalore-based GMR Group and Hong Kong-based China Light and Power (CLP) have signed a Memorandum of Understanding to jointly bid for the 4,000 MW Sasan Ultra Mega Power Project to be set up in Madhya Pradesh.
"With the opening up of the power market and immense demand of power in the country, the opportunities to expand in the power sector are immense," Director, GMR Energy Limited, the holding company for GMR Group's energy business, B Vanchi told reporters.
This had resulted in both companies joining hands three years earlier. CLP and GMR will now submit a joint bid for the 4,000 MW thermal power project, Vanchi said.
"CLP and GMR would co-develop the project in the event of being awarded the contract. Both CLP and GMR will have equal ownership in the project," CLP Power India Private Ltd, a wholly owned subsidiary of CLP, Hong Kong, CEO Rajiv Mishra said.
The project cost including the mining of coal is estimated at Rs 18,000 crore. The fund would be raised through internal accruals and debt, Vanchi added.