The Indian and Sri Lankan governments have come to a final agreement on the construction of a 500 MW coal-based power plant at Sampur in the Trincomalee district. With an investment of 500 million US dollars, the project will be implemented by a joint venture company of which India's National Thermal Power Corporation (NTPC) and Sri Lanka's Ceylon Electricity Board (CEB) hold equal stakes with a debt/equity ratio of 70:30. Sri Lanka and India signed an agreement on the project in 2006, but progress was delayed by a disagreement on the exact location of the power plant. Sri Lanka identified Sampur as the best location, while India preferred a location close to the Indian Oil storage complex in Trincomalee harbour. Meanwhile, the pro-feasibility report on the proposed undersea power line between Rameshwaran in Tamil Nadu and Talaimannar in Sri Lanka released by India's Power Grid Corporation said this project could be completed within 42 months' time. The cost of the project is estimated at Rs. 2293 corers.