Korean power firm to invest in $240 m in India project.

Korea South-East Power Company Ltd. (KOSEP), a subsidiary of Korean Government-owned Korea Electric Power Corporation, would invest $240 million for a power project in Maharashtra.

The 600-MW thermal power project is being set up by Jinbhuvish Power Generations Pvt Ltd. KOSEP is 40 per cent equity stakeholder in the project that would cost about Rs. 3,450 crore.

The lenders for the project include Rural Electrification Corporation, Power Finance Corporation, PFS and IIFCL. The power plant will be operational by 2016, Jinbhuvish Power Generations said in a statement.

All major clearances and approvals for the project have already been received and the project is ready to launch with site construction activities commencing soon, it added.

HBL