Giving details of the Rs. 2,400-crore project here on Thursday, S. Kishore, Director, said a special purpose vehicle (SPV) — Wardha Power Company Pvt Ltd (WPCPL) — would be launched on May 12.
KSK would bring one 270 MW unit of the WPCPL operational by May 2009, while the remaining 270 MW would be synchronised by the end of the same year. The project would have four modules of 135 MW each.
The WPCPL had entered into a power purchase agreement for 270 MW with Tarapore-based Viraj Profiles Ltd . KSK has tied up with Gujarat Mineral Development Corporation (GMDC) for coal linkage. GMDC would retain 26 per cent of equity in the power project. The financial closure was achieved with term loans from Rural Electrification Corporation, HUDCO and Indian Overseas Bank. KSK, with its venture partner, Lehman Brothers, and Viraj Profiles would pump in the equity.
India denies US pressure over Iranian pipeline
India's Petroleum and Natural Gas Minister, Murli Deora has denied reports of United States pressuring India over the Iran-Pakistan-India (IPI) gas pipeline project. He said talks are underway with the other two countries for expediting the project.
"The US is not pressuring us on the Indo-Iranian gas pipeline issue. India is not a country which can be pressurized," Deora said while referring to reports that the US was delaying the nuclear deal with India citing the dlrs 7.4 billion gas pipeline project.
"Those who are thinking that the US is mounting pressure on us are mistaken," Deora told mediapersons in Surat in Gujarat state, Monday, a PTI report said here.
"The government is trying its best to reach a solution between Iran, Pakistan and India for the pipeline," he said addressing mediapersons after commissioning a part of the 576 kms of Dahej-Uran gas pipeline.
The project is not making headway as the differences between Islamabad and New Delhi over the tariff India is to pay to transport gas from Iran through the 1,035 km stretch in Pakistan remain unresolved. The price, at which Iran is willing to supply gas to India, is another area which requires consensus.
"Once the gas pipeline is laid it will help both Pakistan and India get gas," he said.
"High-level talks are on for the purpose between the oil ministers of Iran and Pakistan," Deora said, adding that he had met his Iranian counterpart twice on the issue at Riyadh and Tehran recently.
When asked why the negotiations between the three countries was taking time, Deora said, "It is a big project and so it is taking time".
"We are trying our best to see that this project goes through," he added.
Talking about the LNG contract signed between India and Iran in 2005, Deora said, "We are trying to purchase gas at the cheapest rates possible from Iran".
The minister, however, did not reveal the price that was being negotiated by the two countries.
