NMDC to set up 500 MW power plant at Gonda in joint venture

NMDC in a joint venture with IEDCL is setting up a thermal power plant at Gonda

August 22, 2013 05:55 IST

State owned iron-ore miner National Mineral Development Cooperation (NMDC) in a joint venture with IL&FS Energy Development Company (IEDCL) is setting up a 500 MW coal-based thermal power plant at Gonda in Uttar Pradesh, which is the parliamentary constituency of steel minister Beni Prasad Verma. The company will invest Rs 3,000 crore for the project, which will enable it to foray into the power sector.

NMDC Power, a subsidiary of iron ore miner NMDC, will initially have a 48% stake in the venture while IEDCL, a subsidiary of IL&FS, will hold the remainder.

?Subsequently, however, NMDC will dilute its stake in the venture to 26% while IEDCL will have the rest 74% stake,? NMDC chairman CS Verma told reporters on Wednesday.

This article was first uploaded on August twenty-two, twenty thirteen, at fifty-five minutes past five in the morning.