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As per reports, the “500MW gas-fired power plant” project in Tamil Nadu approved by Chief Minister J Jayalalithaa on Friday.
During Assembly speech, she granted application of setting up project the Tamil Nadu in which fuel will be supplied from Gas Authority of India’s Kochi-Bangalore pipeline.
In the bidding war, by making upper hand State-run Oil and Natural Gas Corp (ONGC.NS) and GAIL India (GAIL.NS) offer $2 billion to Africa-focused gas explorer Cove Energy to acquire it.
The major interesting fact is that the bidding of this week was made jointly by ONGC Videsh Ltd, the overseas investment arm of oil explorer and producer ONGC, GAIL.
Reserving top 30 trillion cubic feet of natural gas, Cove has 8.5 percent stake in Mozambique’s Rovuma Offshore Area 1.
