Raipur, Oct 7 (IANS) Metal major Bharat Aluminium Company Ltd. (Balco) will set up a 1,200 MW thermal power plant in the coal rich northern region of Chhattisgarh at a cost of Rs.50 billion ($1.10 billion).
Balco, in which the central government has 49 percent share after it sold out 51 percent stake to the Sterlite group in 2001, signed a tripartite memorandum of understandings (MoU) late Saturday with the state government and the Chhattisgarh State Electricity Board (CSEB).
The Sterlite group is a part of Vedanta Resources plc, a London Stock Exchange listed metals and mining major with aluminium, copper and zinc operations in Britain, India, Australia and Africa.
Vedanta Resources chairman Anil Agrawal said that major industrial houses were willing to pump in investments in this mineral rich state and his group was thinking of increasing the investment flow.
Agrawal said his group was exploring the possibility of setting up a greenfield aluminium plant with an investment of Rs.100 billion but added that the concept was in a primary stage.
Chief Minister Raman Singh, who attended as chief guest the function in which the MoU was signed, assured all support to Balco for the power project.