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IFFCO plans to list ICPL

IFFCO plans to list ICPL
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First Published: Wed, Jul 06 2011. 07 39 PM IST
Updated: Wed, Jul 06 2011. 07 39 PM IST
New Delhi: Fertilizer manufacturer, Indian Farmers Fertilizer Co-operative (IFFCO) Ltd said Wednesday that it plans to go public with its power project IFFCO Chhattisgarh Power Limited (ICPL).
ICPL is a joint venture between multi-billion dollar cooperative giant, IFFCO and Chhattisgarh State Power Holding Company Ltd.
“After getting the recent go ahead for stage one forest clearance to mine the Tara coal block from Ministry of Environment and Forests, the Rs 7544 Crore, 1320 MW thermal power project is now on takeoff stage. Private land acquisition has been completed and with all statuary clearances in hand, the project is expected to commence production by 2015,” IFFCO said in a release.
U.S. Awasthi, managing director, IFFCO said, “We were awaiting the forest clearance. All preparatory work for setting up this mega power project has been initiated. In sync with our strong commitment towards farmers and cooperatives, we shall offer 5-10% discount to retail investors, farming community, cooperators and people of Chhattisgarh participating in our public offer, subject to approvals by the market regulator”.
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First Published: Wed, Jul 06 2011. 07 39 PM IST