Chennai, May 18 (IANS) The city based Gemac Energy Ltd, a power sector engineering, procurement and construction (EPC) company, has signed memoranda of understanding (MOU) for setting up two power plants in Gujarat.
The MOUs are with Urok group to set up 2×660 MW coal based plant near Pipava Port and with the Kaneria group for a 2×250 MW gas based plant near Surat respectively.
The Urok group promoted by Subhash Shihora, a non-resident Indian (NRI) businessman, has already signed an MOU with the Gujarat government and 750 acre of land has been notified and cleared.
The thermal power plant outlay is pegged at Rs.8,000 crore and the plant will be operational within 42 months of financial closure by Urok group.
The Kaneria group is in possession of land for the Rs.2,000 crore 2×250 MW gas based power project.
According to Gemac officials, the Kaneria group will take around 12 months to achieve financial closure. The first phase of the project will be handed over within 24 months of tying up the funds for the projects.
Gemac has tied up with Chinese power sector EPC company Sepco III for building power plants in India.