DHAKA: In a bid to set up 1,320 megawatt coal-fired power plants in Chittagong, fastest growing company S Alam Group inked a deal with SEPCOIII, Electric Power Construction Corporation of China.

Chairman and managing director of S Alam Group Mohammed Saiful Alam and exeutive president of SEPCOIII Zhang Hongsong signed the deal at the Westin Hotel in Dhaka Thursday.

As per the agreement, a separate company will be formed within two months to initiate the process of setting up the power plant.

The new company would sign a separate agreement with state-run Power Development Board, which will mandate the joint venture to complete the construction work in 45 months.

Executive director of S Alam Group Subrata Kumar Bhowmuck said: “The price of the electricity will be Tk 6 per kilowatt-hour and the coal might come from Indonesia.”

S Alam Group, a new comer in country’s power sector, has already invested in commodities, transport, banking, leasing, insurance, stock broker houses and merchant banking business.

Besides, SEPCOIII, a power generation company in China, operates in coal, oil, gas-fired thermal power, hydropower, solar, wind, and biomass-based power generation.

BDST: 2130 HRS, DEC 20, 2013
Edited by: Abul Kalam Azad, Senior Newsroom Editor