New Delhi, Jan 17: Korea South-East Power Company Limited (KOSEP), a subsidiary of government-run Korea Electric Power Corporation, Friday said it will invest $600 million in a thermal power project in Maharashtra.
The Korean firm will develop the power plant in partnership with Jinbhuvish Power Generations, a Jinbhuvish Group Company.
The two firms signed a Memorandum of Understanding (MoU)for the project. KOSEP Chief Executive Officer Yep Heo and Jinbhuvish Group Chairman Manish Amarchand Mehta signed the MoU here.
As per the agreement, the Korean firm will control 40 percent equity stake in the power unit to come up at Yavatmal in the Vidarbha region of Maharashtra.
The two companies plan to set up two 300 MW coal- based power plants. The projects will be operational by 2016.