JSPL to invest ₹1,500-cr in Monnet Power plant

Jindal Steel and Power Limited (JSPL)

Jindal Steel and Power Limited (JSPL) has announced plans to invest over ₹1,500 crore to make the recently acquired Monnet Power plant operational. The Managing Director of JSPL, Bimlendra Jha, stated that the investment will be made within 18 months. The company had acquired the debt-laden Monnet Power plant for ₹410 crore through the insolvency route.

The Monnet Power plant, which is currently under construction, is a 1,050-megawatt coal-based power project located near JSPL's steel plant in Angul, Odisha. Once completed, the plant will provide power to JSPL's steel plant in Angul, which is currently undergoing expansion. The coal for Monnet Power will be sourced from the Uktal B1 and B2 mines with about 347 million tonnes of reserves near Angul, which JSPL recently won in an e-auction process.

Details: Published: 10 January 2023

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