The 1,050 megawatt (MW) under-construction coal-fired power project is located near JSPL's steel plant at Angul, Odisha.
Bimalendra Jha, managing director of Jindal Steel and Power Ltd (JSPL), said it would invest up to Rs 1,500 crore to operationalize the recently acquired Monnet Power.
He said that this investment would be made over a period of next 12 to 18 months.
In December 2022, the steelmaker acquired the debt-laden Monnet Power for ₹410 crore through the insolvency route.
The 1,050 megawatt (MW) under-construction coal-fired power project is located near JSPL's steel plant at Angul, Odisha.
"We will make fresh investment of up to Rs 1,500 crore to make the plant operational," Jha told PTI. This amount will be invested over a period of next 12-18 months.
Once completed, the new asset will provide power to JSPL's steel plant at Angul, which is in expansion mode, he said.
Coal for Monnet Power will be sourced from JSPL's Uktal B1 and B2 mines.
Last year, JSPL won two coal blocks near Angul with reserves of about 347 million tonnes in the e-auction process.
Part of the OP Jindal Group, JSPL has a significant presence in the steel, power and mining sectors with investments of ₹90,000 crore across the globe.
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