Reportedly, Jindal Steel and Power Limited (JSPL) will invest up to Rs 15 billion to make recently-acquired Monnet Power Company Limited operational.
The investment will be made over the period of the next 12 to 18 months. Notably, JSPL acquired Monnet Power for Rs 4.10 billion through the insolvency route in December 2022. Monnet Power owns a 1,050 MW under-construction coal-based power project located near JSPL’s steel plant in Angul, Odisha. The coal for Monnet Power will be sourced from the Uktal B1 and B2 mines of JSPL. The new asset will provide power to JSP’s steel plant in Angul, which is in expansion mode.