Jaiprakash Power Ventures, a Gurugram-headquartered power generation company has announced plans to set up a 50 MW solar power facility in Madhya Pradesh. Jaiprakash Power Ventures stated that its board of directors has considered and reviewed the proposal with an estimated investment of INR 300 crore (~ $36 million). Jaiprakash Power Ventures stated that the solar project is planned within the premises of the existing 500 MW Jaypee Bina Thermal Power Plant site at Bina in Madhya Pradesh. Jaiprakash Power Ventures further mentioned that the project will require statutory and lender approvals before implementation.