The Chhattisgarh State Electricity Board (CSEB) has awarded the Letter of Intent (LoI) to Indiabulls Power Generation (IPGL), the power sector subsidiary of the real estate major Indiabulls, to set up the pit-head coal fired Bhaiyathan thermal power project in Chhattisgarh.Two weeks ago, Indiabulls Power had won the bid for 1600 MW Bhaiyathan project and the 350 MT coal block in Chattisgarh, defeating ten leading power producers including Reliance Power and Tata Power.According to a release issued by the company to the BSE today, the project includes development of captive coal mines containing proven reserves of 349 MT in District Korba of Chhattisgarh to provide low cost coal supply to the power project.According to the terms of the deal, 35% of power produced from the Bhaiyathan project will be available for merchant sale at market rates and the remaining 65% has to be sold to CSEB at the quoted levelised tariff.CSEB would soon hand over the land, water and environmental clearances for the project.
