Work starts for 1,000 MW Maithon project

Maithon Power, a 74:26 joint venture between Tata Power Company and Damodar Valley Corporation (DVC), today announced that work has commenced for the 1,000 MW mega plant at Maithon.

According to a release issued by Tata Power to the BSE today, the ceremony was conducted by Power Minister Sushil Kumar Shinde in presence of Jharkhand Chief Minister Madhu Koda.

"As per current plans, the project will comprise of two generating units of which the commissioning of the first unit is scheduled for late 2009, and that of the second unit by mid-2010. The total land required for the project is about 1,200 acres," the release added.

The estimated capital cost of the project is around Rs 3,800 crore, and will be funded through a 70:30 debt-equity ratio. "The company will contribute Rs 840 crore to the equity corpus with DVC contributing about Rs 300 crore," the release said.