Moser Baer Power & Infrastructure's proposed 3,800 MW power projects are held up due to absence of coal linkage which has also made company's plans of fund raising difficult, a top official said.
The company has plans to generate 5,000 MW at an investment of Rs 25,000 crore in the next five years. Of this, it is executing 1200 MW for which coal has been made available.
“3,800 MW is awaiting fuel tie-up, we have acquired all the land required to build this capacity, have taken all the permissions, environment clearance has been partly done but we do not have coal,” L R Shrivastava, CEO, Moser Baer Power & Infrastructure Ltd told PTI.
“We are already drawing loans for the 1,200 MW under construction capacity and the revenues generated through that plant will be utilized for building other plants, but we cannot get loans because there is no coal,” Shrivastava said.
The company is also operating a coal mine in Chhattisgarh. The work in the mine started in 2009 and the mine is expected to commence production by December, 2013.
“We are developing this 70 MnT coal block in joint venture with the Chhattisgarh Mineral Development Corporation. We are 49% partners and we are driving the development and concentrating predominantly on Chhattisgarh, Madhya Pradesh, Jharkhand,” Shrivastava said.
Odisha has become difficult for the companies lately due to local opposition and environment issues.
“We are a nascent company and do not have deep pockets therefore cannot have an asset and get stuck. At the same time we have not completely ruled out Odisha, we have a site identified in Odisha for a 2000 MW project, our hands are full at the moment and so we are exercising caution,” he further added.
Moser Baer Power & Infrastructure Ltd was incorporated in 2008 with the strategy to foray into thermal power and infrastructure.
– Sourced
Leave a Reply