Jindal Steel and Power Ltd will invest nearly Rs 1,500 crore to make recently acquired Monnet Power operational in Angul, Odisha.
Monnet Power is constructing a 1,050 MW coal-based power project near JSPL’s steel plant in Angul, Odisha. The project faced hurdles due to the financial crisis. And subsequently, JSPL acquired Monnet Power for Rs 410 crore through the corporate insolvency resolution process on 07 December 2022. JSPL is planning to infuse the investment of Rs 1,500 crore in the next 12-15 months period.
Monnet Power’s 1,050 MW coal-based power project, which is located near JSPL 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 Utkal B1 and B2 mines of JSPL.
