Jindal Steel & Power (JSPL) is planning to invest up to Rs 1,500 crore to make recently-acquired Monnet Power operational. The investment will be made over the period of the next 12 to 18 months. In December 2022, the company has acquired debt-laden Monnet Power for Rs 410 crore through the insolvency route.
The 1,050 megawatts (MW) under-construction coal-based power project is located near JSPL's steel plant in Angul, Odisha. Once completed, the new asset will provide power to JSPL's steel plant in Angul, which is in expansion mode. The coal for Monnet Power will be sourced from the Uktal B1 and B2 mines of JSPL. Last year, JSPL won the two coal blocks with around 347 million tonnes of reserves near Angul in an e-auction process.
Jindal Steel & Power is one of India’s fastest growing and largest integrated steel manufacturers, significantly present in Steel, Power Generation and Infrastructure segments and catering to a large part of India's domestic energy and infrastructure requirement.
