Jan 12 2011
The Uttar Pradesh (UP) State Government in India has signed a Memorandum of Understanding (MOU) with Welspun Energy for establishing a 1320 MW thermal power plant in Ghazipur district of UP. The total investment to be made for this project would be 6600 crore and it would be commissioned by 2015.
The UP Government also signed three more MOUs with others for building power plants in the State. This project would create employment opportunities for over 2500 people in the state boosting the region’s economy. It would also lead to the development of ancillary industries and help the region to become an investment hub.
According to Vineet Mittal, Managing Director and Co-founder of Welspun Energy, the state government officials had a great visionary approach for establishing such huge infrastructure projects, which would in turn lead to the energy security in the state. He also mentioned that his company was delighted to participate in UP’s development initiatives. His company with a deep local knowledge, high global reach and strong capacities of executing large projects was focused on the state’s development in an environmentally friendly manner.
Ms. Mayawati, Chief Minister of UP, remarked that they were focused on improving and developing the power infrastructure of the state with an aim to make the state a power surplus state. She commented that this process would definitely take place with project partners such as Wellspun Energy assisting them. Despite being a land locked area UP has many investor friendly policies that have attracted investments in the power sector.
Future plans for Welspun include establishing several thermal power plants of 1000 MW capacity and 500 MW solar power plants all over the country during the next five years. It has also purchased a stake in Leighton India, which is a subsidiary company of Leighton Holdings, an Australian Conglomerate with an order book exceeding $42 billion, enriching Welspun’s existing experience with International experience and execution abilities in the infrastructure sector.