The Cabinet Committee on Economic Affairs has cleared the foreign investment proposal of AES OPGC Holding Mauritius for setting up a coal-based power plant in Chhattisgarh. It may be recalled that in September 2006, the Foreign Investment Promotion Board had cleared the project, overruling Orissa government's decision not to grant a no objection certificate to AES.
The 1,000 mw project is expected to cost $1.2 billion in which AES expects to bring in $ 370 as foreign direct (equity) investment. The remaining $ 852 million will be raised through domestic and international debt.