Jindal Steel and Power Limited (JSPL) will invest up to Rs 1,500 crore to make recently-acquired Monnet Power operational, its Managing Director Bimlendra Jha said.
The investment will be made over the period of the next 12 to 18 months, he said.
In December 2022, the steelmaker acquired debt-laden Monnet Power for Rs 410 crore through the insolvency route.
The 1,050 megawatts (MW) under-construction coal-based power project is located near JSPL’s steel plant in Angul, Odisha.
“We will invest fresh investment of up to Rs 1,500 crore to make the plant operational. The amount will be invested over the period of the next 12-18 months,” Jha told PTI.
Once completed, the new asset will provide power to JSPL’s steel plant in Angul, which is in expansion mode, he said.
The coal for Monnet Power will be sourced from the Uktal B1 and B2 mines of JSPL.
Last year, JSPL won the two coal blocks with approximately 347 million tonnes of reserves near Angul in an e-auction process.
Part of OP Jindal Group, JSPL has a significant presence in the steel, power, and mining sectors with an investment of Rs 90,000 crore across the globe.
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