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Power Finance Corporation (PFC) is to provide financial assistance of Rs 3,640 crore for ONGC's gas-based power project at Pallatana in Tripura. Of the total amount, Rs 2,223.8 crore will be for the power generation facility while the balance will be used for financing implementation of the associated power transmission network.
ONGC is implementing the 1,100 MW power project in joint venture with the Tripura government and Infrastructure Leasing & Financial Services (IL&FS). The power generation project is estimated to cost Rs 3,400 crore and the transmission network Rs 1,770 crore. The project is expected to be commissioned by March 2012.
Bharat Heavy Electricals Ltd (BHEL) has been awarded the contract for implementing the project. Power Grid Corporation of India Ltd will lay the power transmission network. Fuel requirement will be met from ONGC's gas fields in the state. About 87% of power from the proposed plant will be supplied to the states in the north eastern region.
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