JSPL acquires Monnet Power for Rs 4.10 billion

12 Dec 2022 CW Team

Jindal Steel and Power (JSPL) has purchased the bankrupt Monnet Power in an auction last month for Rs 4.10 billion, according to the reports.

Adani Power and J Kumar Infraprojects were also in the running to acquire the distressed thermal energy firm, according to one of many individuals mentioned above. The Naveen Jindal-led JSPL purchased Monnet Power for a captive objective. According to the individuals cited above, the 1,050 MW Monnet Power plant is located next to JSPL's Angul metal plant in Odisha, making the acquisition synergistic.

According to the primary individual, the successful bidder may need to invest at least Rs 10 billion to put the plant into operation. The liquidator had admitted claims totalling Rs 86.10 billion, with monetary collectors accounting for Rs 74.26 billion.

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