Chief Minister Raghubar Das on Tuesday assured Arcil (Asset Reconstruction Company (India) limited) of extending all help to make the defunct Abhijeet power plant at Chandwa functional.
Arcil is the incumbent owner of the power plant.
The Chief Minister, while reviewing the progress made so far directed Arcil to form a special purpose vehicle in order to get all the required clearances and allocations done.
“Arcil officials told the CM that there would be need of coal linkages, water supply, more land and security related requirements at the plant site to restore it at least up to an operational stage. The CM, in turn, asked it to form a SPV and apply to different departments in order to secure several linkages,” said an official present in the meeting.
The premier asset restructure company had bought bank loan of over `5000 crore hovering at the 1080 MW capacity plant promoted by coal scam-hit Abhijeet Group, owned by Manoj Jayaswal. Arcil after acquiring the plant site and assents that include total 613.0832 acres of land located at different villages of Chandwa block besides, all machineries, plant, parts, accessories, furniture, vehicles, raw material stocks, cash flow, bank accounts, insurances etc belonging to the beleaguered project is in the process of bringing it at saleable State.
In the meeting with the Chief Minister, the company expressed hope that first phase of the power plant generating 270 MW of power could be made operational in the next 18-24 months.
It is likely that the State Government may provide coal linkage through JSMDC besides, meeting other requirements.
Also attended by Chief Secretary Rajbala Verma, Additional Chief Secretary RK Srivastava and other top officials besides, Arcil CEO Vinayak Bahuguna, the company mentioned in the meeting that resumption of the plant can generate 2500 direct employment opportunities for the naxal-hit latehar District.
The State Government under the power purchase agreement would buy 25 per cent of the power generated.