Jindal Steel and Power Limited (JSP) has acquired debt-laden Monnet Power Company Limited for Rs 4.10 billion through insolvency route.
Monnet Power owns a 1,050 MW thermal power plant located inOdisha. The new asset will provide power to JSP’s steel plant in Angul, which is in expansion mode. The plant is an under-construction project and the company aims to make it operational within one year by infusing fresh investments. The asset will use 25 per cent less coal helping in lowering of carbon emissions. Coal for the plant will be sourced from Uktak C, B1 and B2 mines of JSP.