MANGALORE: Financial closure of the Nagarjuna power project coming up at Yellur in Udupi district is expected by September, said Praveer Sinha, Chief Operating Officer, Nagarjuna Power Corporation Ltd, here on Saturday.

Addressing presspersons, he said construction work would begin soon after that. A loan of Rs. 3,440 crore had been obtained for the project from the Rural Electrical Corporation, Power Financial Corporation and the HUDCO. "In principle" letters had been obtained by Vijaya Bank, Andhra Bank and UCO Bank. A sum of Rs. 4, 000 crore was expected. The estimated cost of the project was Rs. 4,300 crore.

He said priority would be given to local people in recruitment. The company was trying to recruit graduates from local colleges.

The company would take up development activities in the area around the plant at a cost of Rs. 1 crore initially, he said.

An insurance scheme covering 5,000 fishermen from Mulky to Malpe would be launched. Services of Stree Shakti groups and cooperatives would be used to produce recycled paper, cards and other items. From the next academic year, books would be provided free of cost to students from selected government and private schools, Mr. Sinha said.

Mr. Sinha said the company had plans to set up a factory to manufacture equipment used by physically challenged persons. The factory would be set up at a cost of Rs. 10 lakh.

The local youth would be trained and employed in the factory.

The company would also set up industrial parks.

On the allegations of corruption against the company, Mr. Sinha said they did not hold any merit as the company had obtained 64 approvals since 1994 from different governments.

He claimed that the project had the support of local people, including fishermen.

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