Bimlendra Jha, managing director of Jindal Steel and Power Limited (JSPL), said he will invest up to Rs 1500 crore to run the recently acquired Monnet Power. He said that the investment will take place over the next 12 to 18 months.
In December 2022, the steelmaker acquired debt-ridden Monnet Power for Rs 410 crore via insolvency.
The 1,050 MW coal-fired power project under construction is located near JSPL's steel plant in Angul, Odisha.
"We will make a new investment of Rs 1,500 crore to start up the plant. The amount will be invested in the next 12 to 18 months," Jha told PTI.
Once completed, the new asset will supply power to JSPL's Angol steel plant, which is in expansion mode, he said.
Coal used at Monnet Power will be sourced from JSPL's Uktal B1 and B2 mines.
Last year, JSPL won two coal blocks with almost 347 million tonnes of reserves near Angul in an online auction process.
As part of the OP Jindal Group, JSPL has a significant presence in the steel, power and mining sectors with an investment of Rs 90,000 crore worldwide.
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