Mumbai: Sahara India Power Corp said on Wednesday that it has tied up with Korea East-West Power Corp to bid for ultra-mega power projects and to develop other power assets worth up to 6,000 MW in India.
Ultra mega power projects, or UMPPs, which are awarded by the state-run Power Finance Corporation , are of about 4,000 mega watts capacity each and are awarded to a bidder with the lowest tariff rate who meet the necessary technical specifications.
The unlisted group firm of Sahara India Pariwar had already tied up with Korea East-West Power to set up a 1,320 MW power project at Titlagarh in eastern Orissa state with a cost of Rs 8000 crore, it said.
Out of four UMPPs that are currently under development, billionaire Anil Ambani-promoted Reliance Power has got three, while salt-to-software Tata group’s power arm Tata Power has one under its kitty.
Indian government had launched the UMPP program to fast develop the inadequate power infrastructure by involvement of private players.