Indiabulls Power Generation awarded LoI for Chhatisgarh power project

Mumbai, India, April 04, 2008 - Indiabulls Real Estate Ltd has announced that IndiabullsPower Generation Ltd (IPGL) has been awarded the Letter of Intent for Bhaiyathan Thermal Power Project (Bhaiyathan TPP) in Chhattisgarh state by Chhattisgarh State Electricity Board (CSEB).

IPGL is a subsidiary of Indiabulls Power Services Ltd (IPSL), a subsidiary of Indiabulls Real Estate Ltd (the Company).

Chhattisgarh State Electricity Board (CSEB) had invited bids for procurement of power produced on Long Term basis from Project comprising building, owning, operating, maintaining of a coal fired thermal power project at Bhaiyathan in Chhattisgarh. The project includes development of captive coal mines containing proven reserves of 349 million tonnes in District Korba of Chhattisgarh to provide low cost coal supply to the power project. 35% of power produced from the Bhaiyathan project is available for merchant sale at market rates and the remaining 65% has to be sold to CSEB at the quoted levelised tariff. CSEB shall be soon handing over the land, water and environmental clearances for the project.