Meet to speed up power plant revival

Asset Reconstruction Company (India) Ltd (Arcil) - the current custodian of the Chandwa thermal power plant proposed by Abhijeet Group in Latehar - has sought the state government's help for a speedy revival of the jinxed project.

By Our Special Correspondent in Ranchi
  • Published 6.09.16
  •  

Ranchi, Sept. 5: Asset Reconstruction Company (India) Ltd (Arcil) - the current custodian of the Chandwa thermal power plant proposed by Abhijeet Group in Latehar - has sought the state government's help for a speedy revival of the jinxed project.

A crucial meeting is scheduled for tomorrow, wherein various matters related to the project will be discussed.

The meeting, likely to be chaired by chief minister Raghubar Das, will be attended by all stakeholders including representatives of Arcil, secretaries of state home; water resources; forest, environment & climate change; industries, mines and geology; revenue, land reforms and registration department; and officials of Jharkhand Urja Vikas Nigam Ltd and Jharkhand State Pollution Control.

Earlier this year, Arcil, India's biggest company of its kind, bought the Abhijeet Group's Rs 5,000 crore loan and took over the project for valuation. It is currently working out a revival plan.

Additional chief secretary R.K. Shrivastava, who heads the state energy department, said: "Government will extend all support to the company for the power plant's revival."

According to sources, the firm has requested the state government to seek allotment of Chittarpur coal block, which was earlier with Abhijeet Group but was de-allocated in 2014, to Jharkhand State Mineral Development Corporation Ltd (JSMDC). JSMDC can then enter into a long-term fuel supply agreement with the Arcil-designated entity.

Arcil has also asked for revalidation of all approvals/ clearances/ licences that were given to Abhijeet Group and their transfer in favour of the entity designated by Arcil.

The sources also claimed that Arcil chief executive officer and managing director Vinayak Bahuguna requested the state government to deploy a unit of Jharkhand Industrial Security Force (JISF) at Chandwa project site to protect the exiting infrastructure and assets.

During his visit to the state in July, Bahuguna had said that Arcil would evaluate the plant assets in about two months and name a figure to clear the deck to launch a search for interested companies, PSUs or private firms, to run it "in about one-and-a-half years". Later, he met senior government officials in Bangalore during a roadshow to seek government support.

Nagpur-based Abhijeet Group's greenfield project, which promised to change the rebel-hit district following an MoU with the state in the mid-2000s, ran into rough weather by 2012.

Glitches in statutory clearances, law and order problems and Supreme Court's de-allocation of coal blocks in 2014 ensured the plant stayed a pipe dream.