Jindal Steel to commission power plant in Bengal by 2015
Kolkata: Jindal Steel plans to commission two units of its 1,600 MW power plant in West Bengal by 2015, the company said today.
In a regulatory statement, it said the company board has approved the formation of a special purpose vehicle (SPV) by its subsidiary Jindal Bengal Steel jointly with Jindal Energy for setting up the power plant using thermal coal from Ichhapur mines.
"The power plant will be set up as two units of 800 MW each with an investment of about Rs.9,680 crore, comprising Rs.7,680 crore for setting up the power plant and Rs.2,000 crore for development of mines."
The project is proposed to be funded on a debt-equity ratio of 3:1 (Rs.7,260 crore and Rs.2,420 crore, respectively).
JSW Bengal will hold 26 percent of the SPV's equity, which works out to Rs.629 crore.
"The target date for completion is on March 31, 2014 for the first unit and on March 31, 2015 for the second unit," the statement added. (IANS)