JSPL to infuse Rs1,500 crore for operationalizing Monnet Power, says MD Bimlendra Jha

9 Jan 2023 , 10:30 AM

Jindal Steel and Power Limited (JSPL) will invest up to Rs1,500 crore to operationalize the recently acquired Monnet Power, according to Managing Director Bimlendra Jha. He stated that the investment will be made over the next 12 to 18 months.

The steelmaker acquired debt-ridden Monnet Power through insolvency in December 2022 for Rs410 crore.

The 1,050 MW coal-fired power project is under construction near JSPL’s steel plant in Angul, Odisha.

Monnet Power will get its coal from JSPL’s Uktal B1 and B2 mines.

In an e-auction last year, JSPL won two coal blocks with approximately 347 million tonnes of reserves near Angul.

JSPL, a subsidiary of the OP Jindal Group, has a significant presence in the steel, power, and mining sectors, with a global investment of Rs 90,000 crore.

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