Monnet Ispat and Energy is considering setting up a 660 MW thermal power plant at Angul in Odisha. The project is now at a conceptual stage and it has to get all the clearances for setting up the plant. Going by the calculation of Rs 6 crore per MW, the project would entail an investment of Rs 4,000 crore. The company is already implementing 1,050 MW power project at Angul which should be up and running by June-September, 2013.
The proposed power project would be financed with a debt-equity ratio of 70:30 and the company may dilute some minimal equity at the project level at an appropriate time. Besides, to fire the project the company has to look for a coal mine as coal from the Mandakini mine in Odisha would be consumed by the 1,050 MW plant.
Monnet Ispat and Energy currently generates 270 MW power but is used mostly by its steel plant. The company also plans to foray into renewable sector for generating power.
