Jindal Steel and Power Limited (JSPL) will invest ₹ 1,500 crore to operate the recently acquired Monnet Power Project, its managing director Bimlendra Jha said.
The money will be invested in the next 12 to 18 months, he said.
In December 2022, the steelmaker acquired Monnet Power for ₹ 410 crore from bankruptcy.
The 1,050 megawatt (MW) coal-fired power plant is located near JSPL’s steel plant in Angul, Odisha.
“We will invest ₹ 1,500 crore to make the facility operational. The investment will be made in the next 12-18 months,” Jha told PTI.
After completion, this new asset will provide power to JSPL’s Angul plant, which is in expansion mode, he said.
Monnet Power’s generators will come from JSPL’s Uktal B1 and B2 mines.
Last year, JSPL won two coal blocks of about 347 million tonnes near Angul in an electronic auction process.
Part of the OP Jindal Group, JSPL has a major presence in the mechanical, energy and mining sectors with an investment of ₹ 90,000 crore across the globe.
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