The Hindu : Tamil Nadu / Chennai News : Experts' panel to scrutinise desalination project papers

Online edition of India's National Newspaper
Thursday, Feb 01, 2007
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Tamil Nadu

Tamil Nadu - Chennai

Experts' panel to scrutinise desalination project papers

Special Correspondent

CHENNAI: The Chennai Water Desalination Limited, a special purpose vehicle (SPV) floated for executing a 100-million litre-a day (MLD) desalination project at Kattupalli village near here, has achieved financial closure for the project.

Of the total project cost of Rs. 490 crore, the debt is Rs. 378 crore and equity, Rs.112 crore, according to a spokesman of the SPV. Canara Bank, Indian Overseas Bank and the United Bank of India are the lenders to the project.

[The SPV has been floated by IVRCL Infrastructures and Projects Limited and its technical partner Befesa Construccion y Technologia Ambiental (Environmental Construction and Technology), Spain. In September 2005, the IVRCL signed a bulk water purchase agreement with Chennai Metrowater.]

Confirming that the SPV submitted the relevant documents to the water agency on January 25, an official says these will now be scrutinised by an expert panel. The formation of the panel will be announced soon. Once the panel completes its work and other formalities are over, the project will take off. Within 12 months from the effective date, the SPV is to deliver 15 MLD and within 15 months, 100 MLD. The project has already received environmental clearance.

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