Essar Power

Government sanctions Essar Power’s proposal to accept Rs 8000 crore

The Indian government has approved Essar Power’s proposal to accept up to Rs 8,000 crore as foreign equity in the company for undertaking various downstream projects, including power and coal mining. The approval was announced by Finance Minister P. Chidambaram, after a meeting of the Cabinet Committee on Economic Affairs (CCEA). The proposal had already been cleared by the Foreign Investment Promotion Board (FIPB).