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Texas Power to invest $10 bn in India
The US-based company, with majority shareholding by Indians, plans a 1,320 MW thermal plant in Chhattisgarh.
US-based Texas Power Generation (TPG), a company focused on setting up mega power projects in India with around $10 billion investment over the next decade, has firmed up plans on a 1,320 MW thermal plant in Chhattisgarh.
The company, with majority shareholding by Indians settled in the US, has already signed a pact with the Chhattisgarh government for setting up the power plant as also a coal washery and sponge iron plant.
"We are planning $1.2-1.5 billion investment in setting up the 1,320 MW coal-based power plant in Chattisgarh. We have already signed a 25-year contract with the PTC India for offtake of the power and sought land clearance for the plant," said Vijay Jain, chairman and president of TPG on Friday.
"We have also applied for a coal block and hope to get it by this year end. This is part of the agreement signed with the Chhattisgarh government for setting up the power plant," Jain said.
The company is meanwhile planning to open an office in the capital as it firms up future projects while the feasibility study, detailed project report and other studies regarding the first project.
All the necessary clearances and land acquisition for the Chhattisgarh power plant are expected to be completed by yearend to enable the project construction to begin by January 2007 and completion by 2011, Jain said.
"Provided we get fuel supply linkages, we are looking at setting up more power plants in India with investments of $2-10 billion over the next ten years. With Indian economy looking upward, we feel this is the right time to invest in India," said Jain.
Besides possible expansion of the new power project being planned in Chhattisgarh, the company is studying opportunities in Andhra Pradesh and Maharashtra. It may be putting in an expression of interest for mega power plants proposed by the government with fiscal support from the Power Finance Corporation.
The Houston-based company is already engaged in setting up an integrated steel plant in Hyderabad with a 15MW captive power plant.
