Ghatampur thermal power project gets CCEA nod

The CCEA also cleared the proposal of Ambuja Cements to acquire 24 per cent stake in its holding firm Holcim India, a move that will allow its parent Swiss giant LafargeHolcim to strengthen its India footprint.

By: ENS Economic Bureau | Amsterdam/new Delhi | Published:July 21, 2016 2:51 am

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday granted its approval to set up a 1,980 MW thermal power project at Ghatampur in Uttar Pradesh at an estimated cost of Rs 17,237.80 crore in Uttar Pradesh.

“The Cabinet Committee on Economic Affairs… has given its approval for installation of Ghatampur Thermal Power Project (GTPS) of 1,980 MW (3 X 660 MW) capacity through a joint venture company named Neyveli Uttar Pradesh Power Ltd formed jointly by Neyveli Lignite Corporation and Uttar Pradesh Rajya Vidyut Utpadan Nigam,” an official statement said. According to the statement, the commissioning of units 1, 2 and 3 will be after 52, 58 and 64 months from the starting date, respectively.

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The CCEA also cleared the proposal of Ambuja Cements to acquire 24 per cent stake in its holding firm Holcim India, a move that will allow its parent Swiss giant LafargeHolcim to strengthen its India footprint. In the proposal cleared by the CCEA, the firms had sought a “subsequent reverse merger through a share swap”, which would entail outflow of Rs 3,500 crore. These transactions would enable Lafarge Holcim group to create a linear corporate structure (with Ambuja and ACC becoming parent and subsidiary) and with a view to harvest significant synergies from India operations, an official statement from the Ministry of Finance said. Ambuja Cements and ACC are subsidiary companies of LafargeHolcim, which is the world’s largest cement maker.

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