Madhucon to build Indian thermal plant for $1.34B

Madhucon Projects will construct a 1,320MW thermal power plant in Ranchi, India.

A memorandum of understanding has been signed with the state government of Jharkhand.

The $1.35 billion project will be delivered in two phases of 660MW each and will receive coal linkage from the state government.

The company will need to raise about $1.07 billion for the planned construction of the plant, scheduled to begin next year.

The plant is expected to commence operations by 2015, reports the Economic Times.