Indiabulls Power Generation, the power sector subsidiary of Indiabulls Real Estate, has got letter of intent (LoI) from the Chhattisgarh State Electricity Board (CSEB) for establishing Bhaiyathan thermal power project in Chhattisgarh.

After defeating ten major power producers including Reliance Power and Tata Power, Indiabulls Power won the bid for 1600 MW Bhaiyathan project and the 350 MT coal block in Chattisgarh.

The scope of the project involves development of captive coal mines containing proven reserves of 349 million tonne in Korba, to supply low cost coal to the power project.

Around 35 percent of power produced from the Bhaiyathan project is available for merchant sale at market rates and the remaining 65 percent has to be sold to CSEB at the quoted levelised tariff.

At present (12:42 pm), the shares of Indiabulls Real Estate gained lost 2.25% at Rs 486.80 as against its last closure of Rs 498 on the Bombay stock Exchange (BSE).