Global metal and mining major Vedanta Resources has decided to revive its INR 10,000 crore independent power project in Punjab which it had put on hold last year.

Mr Naveen Agarwal vice chairman of Vedanta Resources during an analyst call conference said that “We have taken a decision to revive the 1980 MW Talwandi Sabo project in Punjab. We will soon take a call on reviving the 1980 MW power project planned in Orissa.”

The company put the Punjab power project on hold after global metal prices crashed by over 50%which pushed the company to reduce the CAPEX for the next four years by about USD 5 billion.

The subsidiary of Vedanta’s flagship company Sterlite Industries intends to use the net proceeds to partially finance the construction and development of the Talwandi project.

(Sourced from Press Trust of India)