APJindal Steel & Power Limited (JSPL) on Thursday said that it has acquired Monnet Power through the bankruptcy court with a winning bid of Rs 410 crore.
JSPL beat two other bidders, including a leading ports-to-green-energy conglomerate, to acquire the under-construction power plant, said a person aware of the matter.
Debt-laden Monnet Power had been admitted to the National Company Law Tribunal under the Insolvency and Bankruptcy Code in 2017.
The 1050-megawatt thermal power plant is located near the Angul steel plant of JSPL in Odisha and the power generated will be used by the company for its captive purposes. JSPL's three coal mines are also situated nearby, helping it reduce the cost of transporting coal as well as in cutting emissions, the company said.
The company expects to get the plant operational within the next one year. The steelmaker is also expanding the production capacity of its Angul plant, and the new power plant will aid in this expansion.
JSPL beat two other bidders, including a leading ports-to-green-energy conglomerate, to acquire the under-construction power plant, said a person aware of the matter.
Debt-laden Monnet Power had been admitted to the National Company Law Tribunal under the Insolvency and Bankruptcy Code in 2017.
The 1050-megawatt thermal power plant is located near the Angul steel plant of JSPL in Odisha and the power generated will be used by the company for its captive purposes. JSPL's three coal mines are also situated nearby, helping it reduce the cost of transporting coal as well as in cutting emissions, the company said.
The company expects to get the plant operational within the next one year. The steelmaker is also expanding the production capacity of its Angul plant, and the new power plant will aid in this expansion.
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