Torrent Power-GPCL joint venture to set up 1000 MW coal-based power project in Pipavav

Mumbai: Torrent Power Ltd has signed a memorandum of understanding with Gujarat Power Corporation Ltd (GPCL) for setting up a 1000 MW coal-based power project at Pipavav in Gujarat.

The project, to be developed through a special purpose vehicle, is expected to be implemented by March 2012, Ahmedabad-based Torrent Power said in a release.

The joint venture has partially acquired land for the project, the statement added.

Initially, the project will have a capacity of 1000 MW, which could be subsequently increased, the release stated.

Torrent Power, promoted by the Rs3,800 crore Torrent group, is engaged in generation, transmission and distribution of power. It currently generates 500 MW power through its coal and gas-based power plants in Ahmedabad and is in the process of setting up a 1130 MW power project near Surat.

GPCL is a nodal agency set up by the state government to promote power projects in the state.