Spic Electric Power Corporation (Private) Ltd (SEPC), a subsidiary of Tamilnadu Petroproducts Limited (TPL), has decided to go ahead with its earlier plan of setting up a power plant at Tuticorin in the state.
The project, conceived in 1995, was shelved nine years ago due to dispute over land. It was estimated to cost Rs 2,300 crore in 1995.
SEPC has now identified an alternative site and is seeking clearance from the environment and forest ministry. The new site has been approved by the Tamil Nadu Electricity Board, Tuticorin Port Trust and the Central Electricity Authority, according to sources.
Demarcations under the Coastal Zone Regulation, Contour Survey, preliminary soil investigation have also been completed. “The process of obtaining environmental clearance from the Ministry of Environment and Forests for setting up the project is at an advanced stage. SEPC will pay the arrears of lease rentals on taking possession of the land,” they said.
SEPC and an investor company signed a shareholders and share subscription agreement on May 28, 2009, for the implementation of the project. The investor company has agreed to bring in 74 per cent of the equity to the project.
A detailed project report with a revised cost is under consideration by SEPC, TPL said. TPL is promoted by Southern Petrochemical Industries Corporation (Spic).
