Vedanta revives Punjab power project

Vedanta Resources has revived its 1980 MW Talwandi Sabu independent power project in Punjab, which was put on hold due to global economic meltdown in 2008. The nearly Rs 10,000 crore project was delayed after the global metal prices crashed by over 50 per cent, which pushed the company to reduce the capex for next four years by about $5 billion. Vedanta Resources is undertaking its projects under the aegis of Sterlite Energy, which filed a draft prospectus with SEBI for an initial public offer to raise up to Rs 5,100 crore. The company plans to use the proceeds to finance the Talwandi project and an upcoming 2400 MW power plant in Orissa. Contact: Vedanta Resources. Tel: 022-6646 1000. Fax: 022-6646 1451. Website: www.vedantaresources.com