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Korean Power firm signs Pact for INR 3,450 crore project in Maharashtra

<p style="text-align:justify"><span style="color:#696969"><span style="font-size:11px"><span style="font-family:arial">Korean South-East Power Company (KOSEP), a subsidiary of Korean state&nbsp;owned power generator Korea Electric Power Corporation, on Friday signed an initial agreement with Mumbai&nbsp;based Jinbhuvish Group for technical support for its INR 3,450 crore project in Maharashtra.</span></span></span></p> <p style="text-align:justify"><span style="color:#696969"><span style="font-size:11px"><span style="font-family:arial">The 600 MW power plant, being set up in Yavatmal district, is likely to be commissioned in 2016. KOSEP holds 40 percent equity stake in the coal&nbsp;based project.&nbsp;</span></span></span><span style="color:rgb(105, 105, 105); font-family:arial; font-size:11px; line-height:1.6em">Lenders for the venture include Rural Electrification Corp and Power Finance Corp and PTC India Financial Services.</span></p> <p style="text-align:justify"><span style="color:#696969"><span style="font-size:11px"><span style="font-family:arial">&ldquo;The Yavatmal venture is one of the few thermal projects in India being set up in a JV (joint venture) with foreign investment. All major clearances have been received and construction activities will commence soon,&rdquo; Jinbhuvish Group Chairman, Manish Mehta, said.</span></span></span></p> <p style="text-align:justify"><span style="color:#696969"><span style="font-size:11px"><span style="font-family:arial">Seoul headquartered KOSEP owns and operates thermal projects with a combined capacity of&nbsp; 8,396 Megawatt, around 12 percent of total electricity sales in Korea.</span></span></span></p> <p style="text-align:justify"><span style="color:#696969"><span style="font-size:11px"><span style="font-family:arial">Source-On Request</span></span></span></p>