Daijiworld News Network – Mangalore (VM)

Mangalore, Aug 6: Nagarjuna Power Corporation Ltd whose Nagarjuna power project is coming up at Yellur in Udupi district will announce its financial closure in September, said Praveer Sinha, Chief Operating Officer, NPCL here on Saturday, Aug 7.

On receiving in-principle approval for loans up to Rs 3,440 crore for the Rs 4,300 crore project its eyes are on achieving Rs 4,000 crore.

With the moneys taken care off, Sinha said that the setting up of the power unit at Nandikur will begin shortly.

The banks have already given in-principle approval include Power Finance Corporation (PFC) (Rs 950 crore), Rural Electrification Corporation (REC) (Rs 500 crore which may be extended up to Rs 750 crore), HUDCO (Rs 500 crore), Andhra Bank (Rs 300 crore) and Bank of Baroda (Rs 500 crore) among others. 

NPCL has come out with several social welfare measures including Rs 1 crore for the welfare schemes such as insurance for fishermen, distribution of books for school children and schemes for Stree Shakthi groups among others.

Jobs will be provided for localites, said Sinha as the firm would require about 8,000 to 10,000 persons while setting up the firm and about 1,000 persons after starting the operations. Moreover preference will be given to those who have lost their land to NTPC.

Highlights

• NPC plans to set up industrial park at 10 acres of land
• Insurance cover to 5,000 fishermen from Mulky to Malpe
• Services of Stree Shakti groups and cooperatives to be used to produce recycled paper and cards.
• Books to be provided free to students from selected government and private schools
• Factory to be set up at a cost of Rs 10 lac to manufacture equipment used by physically challenged persons.