homebusiness NewsJSPL to spend Rs 2000 crore for getting newly aquired Angul plant from Monnet Power on stream
JSPL to spend Rs 2000 crore for getting newly aquired Angul plant from Monnet Power on stream
JSPL confirmed that it will be purchasing Monnet Power's Angul plant for Rs 410 crore. The company earlier had said that the Angul unit's capacity is at 1,050 megawatt (MW) and it will ensure cheaper power for JSPL.
JSPL has confirmed that it will be purchasing Monnet Power's Angul plant for Rs 410 crore. The company earlier had said that the Angul unit's capacity is at 1,050 megawatt (MW) and it will ensure cheaper power for JSPL.
Speaking to CNBC-TV18, after the acquisition, Jindal Steel and Power Limited’s (JSPL) MD, Bimlendra Jha, said it will cost the company around Rs 1,500-2,000 crore to get Angul plant capacity on stream,
“We are going to make sure that these capacities come on stream in two phases. We will be commissioning the first turbine and then the next one over a couple of years. So, that should be approximately anywhere between Rs 1,500 and Rs 2,000 crore.”
“The capacity is 1,050 megawatt (MW), but it is two units of 525 each and it is Rs 410 crore that we have paid for the asset purchase under National Company Law Tribunal (NCLT),” he added.
Talking further about the acquisition, Jha said the company does not expect a rise in its debt as the spending will be done over a period of 2 years.
For more details, watch the accompanying video
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