New Delhi, Sep 27 (IANS) Maithon Power Ltd, a joint venture between Tata Power and the state-run Damodar Valley Corp, Wednesday announced ground breaking for its 1,000 MW, Rs.38 billion ($828 million) power plant at Maithon in Jharkhand.
Power Minister Sushilkumar Shinde and Jharkhand Chief Minister Madhu Koda were among those present at the ceremony to launch the first initiative involving a public-private partnership, a statement issued by the company said.
Power from the Maithon project is to be exported to power deficit western and northern states and to meet the requirements of Damodar Valley Corp. Financial closure for the project is targeted around mid-2007.
Tata Power has 74 percent equity in the venture and the remaining stake will be with the government through Damodar Valley Corp. The project will be funded by a mix of debt and equity in the ratio of 70:30, the statement added.