Vishal Exports group, will have a stake in 1000 Mw Power Plant:

THE Adani group is looking at setting up a 1,000-mw coal-based power plant at an estimated cost of about Rs 4,000 crore in Chattisgarh to supply power to the Gujarat government . Another major trading housing from Ahmedabad, Vishal Exports group, will have a minority stake in this project. This project is going to be in addition to the 1,000 mw power project being set up by Adanis at Mundra. Sources say if the Adani group gets sufficient allotment of coal mines in Chhattisgarh then it may even consider setting up a power plant much in excess of 1,000 mw. When contacted by ET, Adani's official said the Chhattisgarh plan is still at a very early stage and it may not happen if they do not get sufficient allocation of coal mines. In the new tariff-based policy of the Gujarat government , the Adanis in a consortium with the Vishal group have been shortlisted for supplying 1,000 mw to the state at Rs 2.35 per unit. As per the proposal, the consortium has indicated that they may supply this power from their proposed plant in Chhattisgarh. Vishal Exports senior executive told ET that they are the minor partners in this project and it is the Adani group, which will decide finally where this new plant needs to be set up. "As this will be our first thermal-based power plant, we have taken a small exposure to take this as a learning experience," says the Vishal executive. The consortium still has about 50 days time to sign the power purchase agreement and thereafter, it will be given five years time to commission its plant and start supplying 1,000 mw power to the Gujarat government at Rs 2.35 per unit. "So, we still have sufficient time to decide where the power plant can be set up," says an Adani executive. Recently, the Adani group, which had submitted a rate of about Rs 3.25 per unit for supply of 1,000 mw power to the state government under the Bid-1 process had revised it downward to Rs 2.89 per unit. This supply is going to be made from the 2,000 mw imported coal-based power plant to be set up at Mundra.[From Economic Times of India]

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