Godawari Power & Ispat inks MoU with Chhattisgarh Government; stock jumps 4 per cent

On Thursday, Godawari Power & Ispat Ltd (GPIL) entered into a memorandum of understanding (MoU) with the Government of Chhattisgarh for setting up of various facilities in Raipur and Bastar region of Chhattisgarh.   

These facilities include a coal gasifier, oxygen plant, steel melting shops, and land refining furnaces, among others. The cost of the projects is estimated at Rs 1,400 crore and Rs 900 crore for Raipur and Bastar regions, respectively.  

In a press release to BSE, the company informed that the projects will be spread over a period of 4 to 5 years after obtaining all regulatory approvals and would be implemented in a phased manner, mainly out of internal accruals.

The state government will facilitate GPIL in procuring land, water allocation & coal linkages and also provide all incentives available to the mega/very large industrial projects as per the industrial policy.  

At 2.24 pm on Thursday, the stock of GPIL was trading at Rs 478 per share, up by 4.25 per cent or Rs 19.50 per share. The 52-week high is recorded at Rs 494 while its 52-week low is Rs 81 on BSE.