Vedanta revives Rs10k cr Punjab power project
Vedanta Resources, the global metal and mining major has revived its Rs10,000-crore independent power project in Punjab, which it had put on hold last year. Confirming this, the company’s vice chairman Naveen Agarwal revealed, “We have taken a decision to revive the 1980-Mw Talwandi Sabo project in Punjab. We will soon take a call on reviving the 1980-Mw power project planned in Orissa.”
The company which is lead by NRI billionaire Anil Agarwal had put the Punjab power project on the backburner following the crash in global metal prices by over 50%. This in turn had forced the company to reduce its capex by approximately US$5 billion for the next four years. In a related development, the subsidiary of Vedanta’s flagship company, Sterlite Industries, plans to use the net proceeds to partially finance the construction and development of the Talwandi project.