Chambal Fertilisers bags Big Power Project

Chambal Infrastructure Ventures (CIVL), a fully-owned subsidiary of Chambal Fertilisers & Chemicals (CFCL), a KK Birla group company, is likely to sign a memorandum of understanding (MoU) with the Orissa government for setting up a 2,000-mega watts thermal power project with an investment of Rs 8,000 crore in the state. The project will come up at Saria in Dhenkanal district.

The project proposal is now being considered by the single-window clearance committee of the Orissa government.

CIVL has applied to the state-owned Industrial Investment Promotion Corporation of Orissa (IPICOL) for 2,000 acres for the project. It has also applied to the coal ministry for allotment of a coal block. The project could be taken up jointly with the state government as the Orissa Hydro Power Corporation and Orissa Mining Corporation have coal blocks, reports suggest.

Chambal Fertilisers’ net profit rose 93% to Rs 61.71 crore on 11.7% rise in sales to Rs 595.11 crore in Q1 June 2007 over Q1 June 2006.