London-listed non-ferrous major Vedanta Resources Thursday said the executive board of the company has approved the proposal to build a 2,400MW coal-based power facilities at Jharsuguda in India's eastern Orissa state, a company statement said.
Orissa state is also the location of Vedanta's upcoming aluminium smelter plant. Vedanta said Sterlite Energy Ltd., a wholly owned subsidiary of copper major Sterlite Industries India Ltd., would lead the company's foray into the power business, the statement said. Sterlite Industries is the Indian arm of Vedanta with controlling stake in zinc major Hindustan Zinc Ltd. and aluminium major Bharat Aluminium Co. Ltd.
The power plant would be set up with an investment of $1.9 billion. "The investment will be funded through a combination of internal resources and external financing," the statement said.
In the first phase, Sterlite plans to set up four power generation plants each with 600MW capacity. "The power generated will be sold to the State Electricity Boards (power utilities) and power trading companies," the statement said, adding, Sterlite would require about 13 million mt/year of coal to run the four power plants. The company said it plans to source coalfrom the mines that the government would allot to it.
In the second phase, Sterlite plans to set up two more power generation plants each with 600MW capacity. The executive board of Vedanta was yet to approve the second phase.
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