Bhubaneswar: Around 300 people would get directly absorbed in the proposed 2,000 mw thermal power plant in Orissa’s Angul district that is likely to be completed by 2014 at an investment of Rs8,000 crore, an official said Friday.

The project would be developed by the newly-formed Orissa Thermal Power Corp. Ltd (OTPCL), a joint venture of the state-owned Orissa Mining Corp. (OMC) and Orissa Hydro Power Corp. (OHPC), an official said Friday.

“Both OMC and OHPC will have equal share in equity for the Rs8,000 crore project,” said state energy minister S.N. Patro. Seventy percent of the funds would be met through loans, he said.

Both OMC and OHPC will provide Rs1,200 crore each to start the project making it the second state-owned thermal power unit.

The first thermal power plant at Ib valley was being operated in a joint venture between the Orissa Power Generation Corp. (OPGC) and the US-based Aes Powers.

Patro said the government had already identified land and “the water requirement of the proposed thermal power plant will be met by the reservoir at Rengali”, the exact location where the plant would come up in Angul.

The coal blocks posessed by OMC and OHPC would be utilised in the thermal power project, the minister added.