Jindal Steel & Power Limited (JSPL) will invest up to 1,500 crore to operationalize the recently acquired Monnet Power, its managing director Bimalendra Jha said.
He said that this investment would be made over a period of next 12 to 18 months.
In December 2022, the steelmaker will acquire debt-laden Monnet Power 410 crore through the insolvency route.
The 1,050 megawatt (MW) coal-fired power project under construction is located near jspl steel Plant at Angul, Odisha.
“We will invest up to 1,500 crores to commission the plant. The amount will be invested over a period of next 12-18 months,” Jha told PTI.
Once completed, the new asset will provide power to JSPL’s steel plant at Angul, which is in expansion mode, he said.
Coal for Monnet Power will be sourced from JSPL’s Uktal B1 and B2 mines.
Last year, jspl Two coal blocks with reserves of about 347 million tonnes near Angul were won in the e-auction process.
Part of the OP Jindal Group, JSPL has a significant presence with investments in the steel, power and mining sectors. 90,000 crores worldwide.
The text of this story is published from a wire agency feed without any modification. Only the headline has been changed.
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