Godawari Power and Ispat Ltd (GPIL) on Thursday entered into a Memorandum of Understanding (MoU) with the Government of Chhattisgarh for setting up of facilities in Raipur region and Bastar region of Chhattisgarh.
According to the regulatory filing, the cost of projects is estimated at Rs1,400cr for Raipur Region and Rs900cr for Bastar Region.
Cumulatively, the project costs around Rs2,300cr.
"Both the projects will be implemented in a phased manner mainly out of internal accruals. The investment will be spread for 4 to 5 years after obtaining all regulatory approvals," Godawari Power said.
The company further highlighted that the State Government will facilitate the company in procuring land, water allocation, coal linkages, facilitate expeditious grant of approvals and recommend Ministry of Steel, Power, Environment, and Forests, Government of India and also provide all incentives available to the Mega/Very Large Industrial Projects as, per the Industrial Policy.
On Sensex, Godawari Power settled at Rs475.65 per piece surging by Rs17.15 or 3.74%.