The state-owned iron National Mineral Development Corporation Power Ltd. today signed an Mou with the IL&FS Energy Development Ltd to set up a 500-MW power plant at Gonda in Uttar Pradesh. The Mou was signed in the presence of Union Minister of Steel, Mr. Beni Prasad Verma and Minister of state for Power Jyothiraditya Scindia.The project is to be completed within three years at an estimated cost of 3000 crore rupees. Speaking on the ocassion, Mr. Beni Prasad said the project will improve power production besides bringing socio- economic development of the region.Power Minister Jyotiradhitya Scindia said, the project is to be executed on a 74 to 26 percent partnership between NMDC and ILFS. Our correspondent reports the power plant will consist of two units of 250 MW each.