Through bankruptcy court, Jindal Steel and Power acquires Monnet Power

9 Dec 2022 , 11:00 AM

On Thursday, Jindal Steel & Power Limited (JSPL) announced that Monnet Power had been bought through the bankruptcy court with a winning bid of Rs 410 crore. According to sources aware of the situation, JSPL outbid two other bids for the power plant still being built, including a significant ports-to-green-energy business.

The National Company Law Tribunal accepted the indebted Monnet Power under the Insolvency and Bankruptcy Code in 2017. The 1050 megawatt thermal power plant in Odisha is close to JSPL’s Angul steel factory, and the company will use its power for captive uses. The three coal mines owned by JSPL are also close by, which the business claims lower transportation costs and lowers pollution.

Within the upcoming 12 months, the business hopes to have the facility up and running. The new power plant will support the steelmaker’s plans to increase the Angul plant’s output capacity.

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