Bajaj Hindusthan quits 1,980 MW UP power project
The company had signed the memorandum of understanding with the Uttar Pradesh Power Corporation in December 2010, but not even 10 out of the required 13,000 acres have been acquired so far, sources told FE.
“We have informed the state government and the BSE about our decision to withdraw from Bargad. We are seriously considering shifting the Bargad project to Lalitpur as part of its Phase II. But it is not yet final,” said a Bajaj Hindusthan official.
The Bargad project MoU was among the 10 signed during the previous Mayawati regime. All projects were expected to go on stream by 2015-16, generating a combined 11,000 MW. However, apart from Lalitpur, work has not started on any other project. Expected to commence by 2015, the Lalitpur project will give UP 90% of its electricity. The developer can sell the balance in the open market. Government officials had earlier stated that UP would become power-surplus by 2014-15 and people would get uninterrupted supply.
The Bargad project has been mired in controversy for a long time.
Initially, the project was to be set up by NTPC, but the developer and the state could not reach an agreement on power sharing. Eventually,
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