kOCHI, July 13: The much-awaited 500 mw power project of Cochin Refineries is likely to commence late this year, according to the latest indications officially available.

Cochin Refineries is currently on the look out for joint venture partners for the Rs 1,750 crore project, has appointed the adminstrative staff college of India (ASCI) for evaluating the applications from both Indian and foreign firms in this regard.

Accoring to CRL spokesman the work could commence this year itself and the project could be commissioned by early 2001.

The last date for receiving applications from prospective partners is July 21 and the ASCI is expected to process the applications in two months.

The CRL board would make the final selection of the joint venture participant from the list provided by the ASCI and submit it for the centre's approval following which a separate application for forming a joint venture company would be made to the union government.

``These formalities are expected to be completed in three months'', CRL sources said.

Meanwhile, the US-based Ms Flower and Daniel, who were appointed as consultants to the project a few months ago, are expected to submit a detailed feasibility report within four weeks, the spokesman said.

According to the present plan, CRL would have 26 per cent share in the project's equity capital and the state electricity board 11 per cent.

The joint venture partner would have 26 percent on par with the CRL, while the rest would be held by members of the public. An understanding had also been reached between the CRL and state electricity board for supplying the power generated from the plant to the state grid.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.