Indiabulls Power Services to Establish 1,320 MW Power Project in Jharkhand
Indiabulls Power Services (IPSL), a subsidiary of Indiabulls Real Estate, has signed a memorandum of understanding (MoU) with the Jharkhand government to construct a substantial 1,320 megawatt (MW) power project. This announcement was made in a statement released to the Bombay Stock Exchange.
Government Support and Resource Allocation
The agreement stipulates that the Jharkhand government will provide comprehensive assistance to IPSL. This support encompasses facilitating the allocation of a captive coal block, acquisition of necessary land, and securing water resources essential for the project's operation. The details of these commitments were outlined within the provided statement.
Power Purchase Agreement and Distribution
The Jharkhand state government has committed to purchasing up to 25% of the power generated by the proposed project. This will occur under a Power Purchase Agreement, with the tariff determined by the relevant regulatory commission. IPSL retains the right to sell the remaining power to entities outside of Jharkhand or to bulk consumers within the state. This provision allows for flexible power distribution and maximizes the project's reach.
Stock Performance
At the time of this report, the stock of Indiabulls Real Estate was trading 4.87% lower at Rs 379 per share on the Bombay Stock Exchange. This stands in contrast to its closing price of Rs 398.40 per share on June 9th, indicating a recent downturn in the company’s stock valuation. Indiabulls Real Estate