The Cabinet Committee on Economic Affairs (CCEA) has approved 100 Mw gas-based thermal power project at Monarchak in West Tripura district, official sources said today.
The decision was taken by CCEA yesterday in New Delhi, sources said.
The officials of North East Electric Power Corporation (NEEPCO) said the estimated cost of the power project is Rs 421 crore.
The NEEPCO has spent Rs 27.47 crore for infrastructure building of the project and it would make 30 per cent contribution to launch the project while 70 per cent of the funds would be bourne by selling equity.
The project would be operational in 30 months and Tripura would procure the entire production of 100 Mw and NEEPCO has already inked a deal with the state government.
The NEEPCO has also signed an agreement with ONGC to get natural gas to feed the power project.
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Sources in ONGC said, they would soon begin exploration of gas in the state for the project adding there is huge recoverable gas stock in Tripura.
Project Manager of NEEPCO, Tripura unit, Debatosh Bhattacharya said, "We are happy over the decision of CCEA and we are also grateful to both Centre and state government for awarding the project to us."