Indiabulls Power inks MoU with Jharkhand Government

Indiabulls Power Services (IPSL), a subsidiary of Indiabulls Real Estate, has signed a Memorandum of Understanding with the Jharkhand government for setting up a 1,320 MW power project in the state.

Under the MoU, government of Jharkhand would facilitate and extend all assistance to IPSL with regards to allotment of captive coal block, acquiring land and allotting water for the project.

The Jharkhand government will have the right to claim 25% of the power generated by the proposed power plant while Indiabulls will have the right to sell the balance 75% of the power to purchasers outside the state or to bulk consumers within the state.

According to sources, the power project with a capital outlay of Rs 6,600 crore would be operational within four years from the date of financial closure.

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