Indianoil director (human resources and business development) Subir Raha and Mitsubishi general manager (power and traffic project development department) Osamu Komiya signed a memorandum of understanding for developing the power project in the capital on Monday. Raha said Indianoil foresaw a many-fold expansion of the power plant and more collaborations with Mitsubishi in hydrocarbons and related businesses.

Mitsubishi has so far built power plants all over the globe with a cumulative capacity of 5377 MW. Mitsubishi and Indianoil will hold a 26 per cent stake in the project each and the remaining 48 per cent equity will be offered to other public sector enterprises (PSEs), financial institutions, project associates and others.