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Videocon Group completes land acquisition for power plant
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Monday, 07 Jan 2013
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Business Standard reported that Videocon Group, a diverse business conglomerate, has completed the entire 1,100 acres land acquisition for its proposed power plant project at Pipavav in Gujarat. While the group's power arm, Videocon Power, acquired 900 acres on its own, the state government recently allotted the additional 200 acres.

As part of its a MoU signed with the Gujarat government during the Vibrant Gujarat Global Investors Summit 2009, Videocon Group had announced setting up a 1200 MW coal fired power project at Pipavav for an outlay of INR 8,000 crore.

Mr Venugopal Dhoot chairman of Videocon Group said that "Gradually, we had begun acquiring land little by little. It was only recently that the entire land acquisition got completed when the state government allotted us the remaining 200 acres. We should be commissioning the plant in next 3 to 4 years."

Mr Dhoot said that the group acquired the 900 acres of land for about INR 80 crore.

According to Mr Dhoot, the group will invest INR 5,000 crore for the first phase, construction of which has begun, and INR 3,000 crore for the second phase. We will supply coal from our Indonesian mine for the Pipavav power plant.

According to the report, the group has also achieved financial closure and already placed order with BHEL for machineries for 1200 MW. Apparently, Videocon had also signed power purchase agreement for Pipavav project with TATA Power for about 1200 MW.

Source - Business Standard

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