Mittals halve project size, want to rope in a partner
The Mittals-controlled Ispat group is reviving the Bhadrawati power project in Maharashtra, following the passage of the Electricity Bill, 2003.
However, due to a spate of financial problems faced earlier, the group has decided to prune the capacity of the project to 500 Mw from 1,082 Mw.
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The project was originally envisaged at a cost of $1.4 billion in the early 90s, with Electricite de France (EdF) and Alstom as strategic partners. However, both EdF and Alstom walked out of the project later. The Ispat group is still open to roping in a partner.
The cost of the coal-fired project was being lowered to Rs 2,500 crore, Ispat group executives said. They added that the group companies would not contribute to the promoters