Essar to acquire power plant

Essar Power (EPL), a subsidiary of London Stock Exchange-listed Essar Energy, has entered into binding agreements for 100 per cent interest in Navabharat Power, which is a coal-based power plant being set up at Dhenkanal district in Orissa.  

Initially, Essar Power will initially acquire 76 per cent of the existing equity with balance 24 per cent being acquired upon completion of certain project milestones.  The project, estimated to cost US$ 2 billion, is being implemented in two phases.