Jindal Steel & Power arm inks MOU Jharkhand State Government for setting up 2640MW power project

Jindal Steel & Power Ltd has announced that the Jindal Power Ltd (JPL), a Subsidiary Company, that it has entered into a Memorandum of Understanding (MOU) on June 03, 2008 with the State Government of Jharkhand for setting up of 2640MW (4X660MW) power project in the state of Jharkhand at an estimated cost of Rs 11,880 crores.In terms of this MOU, the Government of Jharkhand will extend all reasonable assistance to JPL for setting up this Project including providing all state level clearances, selecting coal blocks within the state and recommending Govt. of India for allocation of coal blocks, acquiring land for plant, permitting drawl of water for project, connecting project to PGCIL grid, constructing necessary road, obtaining right of way and making available necessary power during construction phase.The stock closed the day at Rs.2110.35, down by Rs.140.80 or 6.25%. The stock hit an intraday high of Rs.2267 and low of Rs.2094.The total traded quantity was 158999 compared to 2 week average of 170215.