The 1,050 megawatt (MW) coal-fired power plant under construction is near the JSPL steel plant in Angul, Odisha.

Jindal Steel and Power Limited (JSPL) will invest up to 150 crores in the newly acquired Monnet Power, said Bimlendra Jha, the company’s managing director. According to him, the investment will be made within the next 12-18 months.

In December 2022, the steelmaker acquired heavily indebted Monnet Power for Rs 410 crore through bankruptcy.

“We will invest fresh investment of up to Rs 1,500 crore to make the plant operational. The amount will be invested for the next 12-18 months,” Jha told PTI.

When completed, the new asset will power JSPL’s Angul steel mill, which is in expansion mode, he said.

Coal for Monnet Power comes from JSPL’s Uktal B1 and B2 mines.

Last year, JSPL acquired two blocks of coal with reserves of approximately 347 million tonnes near Angul during an electronic auction process.

OP Part of Jindal Group, JSPL has a significant presence in the steel, energy, and mining sectors with a global investment of Rs 90,000 crore.