Business Update

RNS Number : 9146X

KSK Power Ventur PLC

17 January 2014

 



17 January 2014

KSK Power Ventur plc

Business Update

KSK Power Ventur plc (KSK.L), the power project company listed on the London Stock Exchange, with interests in multiple power plants and businesses across India hereby refers to the notification made by its subsidiary KSK Energy Ventures Limited, the equity shares of which are listed and traded on the National Stock Exchange of India Limited ("NSE") and the BSE Limited ("BSE"). The notification has been reproduced below for immediate reference:

"We are pleased to notify you that with respect to the Fuel Supply Agreement of KSK Mahanadi Power Project under the Tapering Linkage Policy, the Ministry of Coal has now directed Coal India Limited to execute the Fuel Supply Agreement. This fuel supply agreement will provide for supply of coal to 1800 MW. A copy of the directive is now available at the website of the Government of India Ministry of Coal at http://www.coal.nic.in/160114.pdf 

Also the project is in receipt of a Letter of Intent and is currently progressing towards execution of a long term PPAfor 1000 MW of Capacity, under a competitive bidding process, with the Uttar Pradesh Power Corporation Limited ("UPPCL") at a levelised tariff of Rs 5.58/kwh, adjustable for transmission costs and with potential for tariff escalations on account of certain input costs. The Project has earlier notified entering into another PPA of 500 MW on competitive bid basis with TANGEDCO"

For further information, please contact:

KSK Power Ventur plc

Mr. S. Kishore, Executive Director

Mr. K. A. Sastry, Executive Director [phone]

Arden Partners plc

Richard Day 44 (0)20 7614 5900

 

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