Essar Energy may buy Navbharat’s power project

Essar Energy is considering buying Navbharat’s power project in Orissa for around Rs 200 crore. Initially, the company would acquire a 76 per cent stake and the rest will be acquired on completion of certain project milestones

The power project to be located near Meramundali & Kharagprasad villages in Dhenkanal district is to have a capacity of 2,250 MW capacity. The project is being implemented in two phases, Phase I of 1,050 MW and Phase II of 1,200 MW, at a total estimated cost of close to Rs 9,000 crore.

The power project has been accorded joint allocation of coal block at Rampia & Dip side of Rampia by Coal India. The company has also acquired environment, forest clearances for the project. Other requirements like water, railway connectivity have been arranged as well.