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Sterlite to invest Rs 3,000 cr more on Punjab power project

25 Oct 2010 Evaluate

Vedanta Group firm Sterlite Energy has revised the outlay for its proposed power project in Punjab upwards by over Rs 3,000 crore, taking the total investment commitment to around Rs 13,000 crore.

 

The diversified metal group will now invest over Rs 13,000 crore on the Talwandi Sabo project in the state, making the new 2,640-Mw project the single largest investment by Vedanta in the domestic power sector.

 

The Punjab government had recently given the nod to Sterlite Energy to add one more unit of 660 Mw to the upcoming thermal project at Talwandi Sabo, in Mansa district. Earlier this month, an MoU to this effect was also signed.

 

Diversified metal conglomerate Vedanta Group, as part of its multi-billion dollar plans in the power space, had bagged the rights to develop a 1,980 (3x660) Mw commercial project in the state in 2008 at an estimated investment of Rs 10,000 crore.

 

With the Punjab government recently according clearance for the additional unit, Sterlite Energy will enhance the total generation capacity of the project to 2,640 Mw through an additional expenditure of over Rs 3,000 crore.

 

Sterlite Energy (SEL), which has plans to hit the capital market soon to part-fund its expansion plans, is targeting the last quarter of 2012-13 for operationalisation of the first 660-Mw unit of the plant.

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