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The member organization of the World Bank Group, named the International Finance Corporation (IFC), has informed that it has received an approval from its Board of Directors on Wednesday for investing in the Coastal Gujarat Power Limiteds Tata Mundra project. The IFC stated that IFC will provide an amount of $450 million (around Rs 1,800 crore), out of the total project cost of $4.2 billion, for a 20-year tenure. The project is going to expand access to electricity in five states of the Western and Northern India.
The sources from the industry have informed that the authorities are expecting the first of the power plants 800-megawatt units to be commissioned in the middle part of 2011 and the other units would be launched at intervals of four months each. The sources said that the plant is going to create a number of 5,000 jobs during the construction period and another 700 jobs once it starts its operations. The sources also said that the 4,000 megawatt, coal-fired power plant of the project is expected to supply affordable power to the industrial and agricultural users and also to serve 16 million domestic consumers.
The IFC Director for Infrastructure, Mr. Rashad Kaldany was commenting on the project and said, "This is an important project because we believe it will encourage other developing countries to make responsible choices, using best available technologies and applying higher environmental and social standards. India should be commended for requiring the use of super-critical technology for very large coal-fired power projects". The IFC Director for South Asia, Mr. Paolo Martelli was also talking about the project and said, "We are pleased to support this project, which reflects the World Bank Groups strategy to help Indias power sector increase energy access and rural connectivity, while improving transmission and distribution efficiency".
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| Posted : 4/10/2008 |
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