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New Delhi, July 13 (PTI) Gujarat based edible oil processing company Gokul Refoils & Solvent Ltd today announced to set up a 80 MW lignite based thermal power plant near Tadkeshwar in Surat district. The power plant will be set up through a joint venture company between Gokul Refoils and Gujarat Mineral Development Corporation (GMDC) with the former holding 74 per cent stake in the JV and the state-owned coal mining major, GMDC holding 26 per cent stake, the company said in a statement to the Bombay Stock Exchange. The project, which is being developed on a land mass of around 61 hectare will involve the investments of about Rs 460 crore. The project cost will be funded by a combination of debt and equity in the proportion of 70:30. GMDC will supply 100 per cent of the coal to the plant. The project would be beneficial in terms of cost savings as the captive user would derive power from the project at a cost of Rs 3.40 per kilo watt hour (kwh) as against the grid rate of Rs 5.50 per kwh. The two entities have also agreed to enhance the size of power project to 135 MW from 80 MW, the statement said. PTI AMA NKD.
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