Five years on, Indiabulls Power’s Chhattisgarh project in peril
The Chhattisgarh government is considering scrapping Indiabulls Power’s 1,320 megawatt (Mw) power project at Bhaiyathan.
“The project is stuck. Ideally, it should have started construction by now. We are going to take a decision on it in the next six months,” a senior state government official told Business Standard on condition of anonymity, adding it was being treated as a “null” project. He said the project was yet to be formally handed back to the state government.
Chhattisgarh has around 18 power projects, under development but the state does not count the Indiabulls project among these.
Five years ago, the Bhaiyathan project was auctioned with a unique model and had been quoting one of the lowest rates in the country. The project was won by Indiabulls for a competitive rate of 81 paise per unit. This, however, was only for 65 per cent of the power of the project, to be supplied to the state discoms.