Fate of ruined 1,080 MW capacity power plant earlier owned by coal scam-hit Abhijeet Group at Chandwa has started taking a turn after the Global Investors’ Summit concluded a couple of months back.
The Asset Reconstruction Company (India) limited (Arcil) that has taken possession of the under construction power house, managed to discover some interested investors during the two-day ‘Momentum Jharkhand’.
‘Arcil’ representatives who attended the GIS confided to The Pioneer that some progress in assessment, restructuring and letting of the power plant had been registered since the meet took place.
“We have had some meetings with prospecting investors during the GIS who were showing some interests earlier in the plant but retracted due to local issues and law and order. We tried to convince them that the things have changed on ground now. There are some positive signals from them,” said an Arcil official.
The asset restructure company is now also backed by a detailed report from consultancy major Mecon, which has handed over its report with complete evaluation of the plant site. “This report is vital for us to find out a purchaser of the plant in future. It talks about actual position over there, condition of the machines installed and other technical and non-technical things involved. Soon the final evaluation from our side would be ready with that we can go to any investor and convince,” he added.
The issue of bank default with its actual promoter Manoj Jayaswal’s Corporate Power is also continuing in the Debt Recovery Tribunal in Ranchi where an appeal under the SARFAESI Act 2002 is being heard. Non-Performing Assets (NPA), in which the project has been reduced to, is totaling over and above Rs5,214.68 crore of State Bank of India, State Bank of Hyderabad, and other subsidiaries of the SBI, including private banks.
Around 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 meant to generate power from its coal-fired station have been acquired.
“We are also keeping a close eye on the revival of the power plant. It has to be done sooner since future of coal-based power plants is not so bright looking at the preferences given by the Government for alternate sources of energy like solar. Once the Arcil comes up with any concrete proposal to offer then only we can intervene,” said an official of Energy Department.
Very recently the Coal India limited has expressed reservations over sustainability of the coal-fire plants, especially when cost of every unit of the solar power produced is matching the power produced through the fossil fuel.
The proposed power plant, located in the Maoist-affected area in latehar district, struck with ‘coalgate’ and cost Abhijeet its Chitarpur coal block allocated to the company following the Supreme Court order. Allocation of fresh source of coal along with other issues is coming in the way of its revival.