LUCKNOW, India, January 6, 2011 /PRNewswire/ -- Welspun Energy Ltd., part of the diversified Welspun Group, one of the fastest growing conglomerates in India, today signed a MoU and power purchase agreement (PPA) with the Government of Uttar Pradesh (UP) to set up a 1320 MW thermal power plant in Ghazipur district. The power plant is scheduled to be commissioned by 2015 at a total investment of approximately Rs. 6,600 crore. This was one of the four MoUs, the UP government signed today for setting up power plants in the state.
This power project being setup at Ghazipur is expected to create direct and indirect employment of over 2500 people in the state, contributing to prosperity in the region. Among other benefits, the project is likely to provide a major boost to the development of ancillary industries in the region and develop the region into an investment hub.
Reflecting on the significance of the project, Mr. Vineet Mittal, Co-founder & Managing Director, Welspun Energy Ltd. said, "I would like to compliment the state government and its officials for their visionary thought in setting up such large infrastructure projects which will certainly go a long way in ensuring energy security of the state." He further commented, "We are extremely happy to be participating in the development initiatives of Uttar Pradesh. With significant global reach, deep local knowledge and strong capabilities to execute large projects, our philosophy is focused on the holistic development of the State in a socially responsible and environmentally friendly manner.
Sharing her optimism on the growth prospects of the state, Ms Mayawati, Chief Minister of UP, said, "We are determined to improve overall infrastructure of the state and make the state a power surplus one with the overall aim of ensuring the development of the state and the wellbeing of each person. I am sure that project partners such as Welspun Energy will leave no stone unturned in converting our dream to reality." Navneet Sehgal, Secretary Energy, Chairman, UPPCL further added, "Even though UP is a land locked area, we have generated significant investment in the power sector due to our investor friendly policies and our commitment to provide electricity to each one in the state and make the state the most admired across India."
Welspun Energy plans to set up several thousand MW of thermal power plants and 500 MW of solar power across India in the next 5 years, with a focus on sustainability and green technology. The Welspun Group has also acquired a stake in Leighton India, part of the Australian conglomerate Leighton Holdings, one of the largest EPC companies in the world with an order book of $42 billion, which has significantly added to Welspun's own strengths through international experience and execution capabilities in the infrastructure sector.
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SOURCE Welspun Energy Ltd