IFCI in pact with Mumbai-based Core Infrapower for joint development of a 1,320-MW power project at Ratnagiri district in Maharashtra

IFCI Ltd has signed a memorandum of understanding with the Mumbai-based Core Infrapower Ltd (CIPL), a CORE Group company, for joint development of a 1,320-MW power project at Ratnagiri district in Maharashtra. The project is proposed to be executed in two phases. While Phase-I would involve generation of 330 MW of thermal power, the second phase would relate to generation of 990 MW of thermal power. Both IFCI and CIPL have agreed to jointly set up a 75-MW wind farm project at the same site, an IFCI official said. Under the MoU, IFCI will not only provide financial consultancy, but also make available technical assistance for the thermal power project. Besides arranging financing for the project, IFCI may also take an equity exposure of 26-49 per cent in CIPL in the coming months, sources in the IFCI said. CORE Group's ownership of coal blocks in Indonesia is being seen as an important factor behind its foray into the thermal power project, they added. IFCI's overall fund exposure to the power sector stood at about Rs 2,500 crore.