Coal news and updates

Dubai’s C&O Group secures additional funding for Tuticorin project

The Dubai-based Coal & Oil (C&O) Group, which is setting up a 1200 MW independent power plant in Tamil Nadu, has secured Rs 1,600-crore additional funding for the project, according to a press release from the company.

The Rs 6,800-crore Mutiara Thermal Power Plant in Tuticorin, being set up by Coastal Energen Pvt Ltd, the power generation company of the Coal & Oil Group, is one of the largest private sector investments in the region.

The power plant has obtained Rs 5,200 crore funding from a consortium of banks led by State Bank of India. This latest sanction will contribute to last mile funding and address cost escalation due to rupee devaluation, among other things. The power plant is slated for completion by June 2014.

The Coal & Oil Group is an integrated energy company involved in coal trading, mining, shipping, logistics and power generation.

Source: The Hindu Business Line