Karnataka Chief Minister Siddaramaiah on Tuesday laid the foundation stone for a 370 MW gas-based combined cycle power plant of Karnataka Power Corporation Ltd (KPCL) at Yelahanka, near here."Work is about to start... Bharat Heavy Electricals Ltd (BHEL) has been awarded the contract. BHEL has in turn lined up its sub-contractors," said KPCL Managing Director Kumar Naik."Today, formal inauguration of work has been done by the chief minister...." Naik said the new gas-based power plant -- coming up on 105 acres near Doddaballapur beside the wheel and axle plant -- would cost about Rs 1,570 crore.Scheduled to be completed by May 2018, the new plant will act like a dedicated power plant to Bengaluru city to meet its peak demand.As the new power plant is being built near to the city, there will be minimum transmission and distribution losses.