Indiabulls Realtech Ltd (Nasik Thermal Power)

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Indiabulls Realtech Ltd was created to build and operate 1350 MW Nasik coal Thermal Power Project at Sinnar, Nasik district, Maharashtra. The project was designed as five units of 270 MW each. The primary fuel for the Project was coal for which coal linkage were granted and letters of assurance from South Eastern Coalfields Ltd. (SECL), Western Coalfields Ltd. (WCL) and Mahanadi Coalfields Ltd. (MCL) were issued. The project company acquired approx. 900 acres of Land to develop the power plant. Indiabulls Group was the developer of a multi-product Special Economic Zone (SEZ) on 2,500 acres at Sinnar, 30 kms from Nashik. Of which, 1,000 acres are to be used for the company’s proposed 1,350 MW thermal power plant Indiabulls Realtech Ltd was a subsidiary of Indiabulls Power Ltd.. (Indiabulls Group). The Power Plant was to be connected with the State Transmission Utility (MSETCL) for evacuation of power for intra-State & inter-State sale. The project company signed a PPA for 950 MW with Maharashtra State Electricity Distribution Company, 350MW was to be sold to the national government at Rs. 3.26 per unit, and 50 MW would be losses. The project cost was estimated to be INR80 billion (US$1750 million). Financial close was achieved on 30 Jun 2010. Financing comprised a INR50.92bn 15-year 3-month term loan arranged by Axis Bank Ltd. Project was expected to be commissioned in 2013. The 1st unit (270MW) was commissioned in February 2014.