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“Our focus now is on the development of Mahan coal block which will provide low-cost fuel source for the power plant,” Essar Energy chief executive officer Naresh Nayyar said
Mumbai: Essar Power announced synchronisation of the first 600 MW unit plant of its 1,200 MW Mahan I project in Madhya Pradesh, reports PTI.
With this, the total power generation capacity of Essar Power stands at 3,910 MW, as against 1,220 MW at the time of the company’s IPO in May 2010, a statement issued said.
“Our focus now is on the development of Mahan coal block which will provide low-cost fuel source for the power plant,” Essar Energy chief executive officer Naresh Nayyar said.
Mahan I is using a combination of imported coal and coal sourced from Coal India’s e-auction process, while an application has also been made for an interim tapering coal linkage allocation from CIL, the release said.
Coal from these sources will be required until nearby Mahan coal block is operational.
Essar Power has received stage 1 forest clearance for the Mahan coal block. The second 600 MW unit at Mahan I is expected to begin commercial operations during the first quarter of the next financial year, the release said.
Mahan I has investment of $1.2 billion and is the company’s third coal-fired power project to enter commercial operations during the year, with a total capacity of 2,310 MW.
The Salaya I plant, also 1,200 MW, was completed in June, while the 510 MW Vadinar P2 plant was completed in November.
The Vadinar plant is providing power to Essar Oil's refinery here, where availability of the coal-fired generation is having a positive impact on refining margins, it said.
“The IKEA Group must have the ability to retail its entire range of products in India as is being done globally in every country, where IKEA stores are located,” a company spokeswoman said
New Delhi: Swedish furniture retailer IKEA said it wants the government to allow it to “retail its entire range of products”, including opening of cafes in its stores in India, in the wake of FIPB approving only Rs4,200 crore investment out of a total of a proposed Rs10,500 crore, reports PTI.
“The IKEA Group must have the ability to retail its entire range of products in India as is being done globally in every country, where IKEA stores are located. This is as per the IKEA concept,” a company spokeswoman told PTI.
She said the IKEA Group has clarified to the Indian government on the categories of products that it can sell here based on its global concept and range.
“It is not the intention of IKEA Group to seek a general or broad approval for a wide variety of products. We are true to our application that we submitted in June 2012 and we have not submitted a fresh proposal,” the spokeswoman added.
In that application the company had proposed to invest Rs10,500 crore over a period of time by set up 10 furnishing and homeware stores as well as allied infrastructure over 10 years in India. Subsequently, it plans to open 15 more stores.
The FIPB had, however, in its 20th November meeting cleared investment of only Rs4,200 crore by IKEA and forwarded the proposal to Cabinet Committee on Economic Affairs (CCEA) for consideration as proposals of FDI over Rs1,200 crore requires CCEA nod.
“The IKEA Group is confident that the Indian government will support IKEA’s application as per the IKEA concept and IKEA respects the Indian government's efforts in this process,” she said, adding the group is now waiting for the approval from the CCEA.
Government sources had said IKEA has approached FIPB again seeking a review of its earlier application so that it is allowed to open cafeteria at its proposed single brand retail stores in the country.
“IKEA has again sent its application for review, seeking permission to let it open cafeteria at least,” an official source has recently said.
The IKEA spokeswoman said opening of the food joints inside its stores is a part of its global concept.
“We expect to have IKEA restaurant and cafe inside the IKEA stores in India as every other store worldwide. The IKEA cafe/restaurant is a mandatory and an integral part of the IKEA concept and offer to our customers,” she said.
The restaurants and cafes will only be located inside the stores and the company does not have any intention of setting up independent standalone restaurants.