Jindal Steel & Power (JSPL) has through the insolvency resolution process acquired Monnet Power Company for a consideration of Rs 410 crore.
Naveen Jindal-led JSPL last month won the bid for Monnet Power, which has a 1050 MW under-construction plant in Odisha’s Angul. The full consideration of Rs 410 crore was paid on Wednesday.
Monnet Power was admitted for the corporate insolvency resolution process (CIRP) in 2018 after proceedings were instituted by the IDFC Bank. In 2019, the National Company Law Tribunal (NCLT) ordered liquidation as there was no resolution plan. Monnet’s bank debt was about Rs 3,819 crore.
The power plant would be used for captive use and it will consume 20-25 per cent less coal, said Kapil Mantri, head of strategy at JSPL.
Monnet’s power plant is very close to the Angul steel plant of JSPL. “Moreover, JSPL’s coal blocks, Utkal C, B1 and B2, are also close by. Apart from reducing the carbon footprint, this plant will also significantly reduce energy cost,” said Mantri.
JSPL, it may be mentioned, is on course for expansion in Angul. The company’s proposal to increase capacity to 25.2 million tonnes per annum (mtpa) was cleared by the Odisha government last year. Currently, the capacity at Angul is about 6 mtpa.
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