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Tata Power-DVC break new ground on 1000mw power project
Tata Power-DVC break new ground on 1,000 mw Maithon right bank mega power project. Ground breaking ceremony at the hands of Shri Sushilkumar Shinde, Hon’ble Union Minister of Power
Mr. Asim Kumar Barman, Chairman, DVC, asserted, "We are happy to be part of this great cooperation initiative in nation-building. This project constitutes a big step forward in meeting the power needs of DVC as well as supplying power into the Grid to benefit other States. Our stated aim for the project is to make quality power available at affordable cost. This project, to be fully commissioned by 2010, is our sincere dedication to the nation."
Tata Power had earlier signed the Shareholders' Agreement with DVC for the 1000 MW Project being developed by Maithon Power Ltd. Tata Power has 74 % equity in the venture, with the Government of India established Damodar Valley Corporation holding 26 % equity. The estimated capital cost of the project is around Rs. 3,800 crores and will be funded through a 70:30 debt to equity ratio. Tata Power will contribute approx. Rs. 840 crores to the equity corpus, with DVC contributing about Rs. 300 crores.
