Kolkata, Sep 11 (PTI) The Damodar Valley Corporation (DVC) has achieved financial closure for its 2x800 MW Koderma Thermal Power Project (Phase-II) in Jharkhand by securing a loan agreement worth Rs 10,050.42 crore with the State Bank of India (SBI).

The total cost of the 1600 MW thermal power plant is Rs 14,357.74 crore.

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"Construction is expected to commence in the current fiscal year, with the first phase anticipated to become operational in four years," Arup Sarkar, member (finance) of DVC, told PTI after signing the agreement in Mumbai. Ashwini Kumar Tewari, managing director (corporate banking & subsidiaries) of SBI was also present on the occasion.

The project is expected to significantly enhance power generation capacity in the region and contribute to the socio-economic development of the area. DVC already operates a 2x500 MW thermal power plant in Koderma, which continues to meet local and regional power demands.

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)