Jindal Steel & Power Limited (JSPL), a leading Steel producer of India with significant presence in power and other sectors plans to increase its power production capacity through acquiring Kineta Power, a Coal based Thermal Power Project located at Andhra Pradesh.
Kineta Power is a privately-owned Coal-based power plant with capacity of 1,980 MW located at Nellore district of Andhra Pradesh.
JSPL has acquired Kineta Power Project on 100% stake with an undisclosed amount; deal was signed 3-4 months ago.
“We are planning to acquire Kineta Power Project as we are looking to expand our capacity in district of Andhra Pradesh. The Project is located at about 8 km far from sea coastaline that is a good site with environment and land clearance ”, said by Ravi Uppal, the Managing Director & CEO of JSPL.
Currently, the Company is not planning for project construction because of low power demand. JSPL is planning to run the plant through imported Coal, which will be imported from its own mine situated at Indonesia & Mozambique. At present, their focus is on detailed engineering and development of the project.
The Project’s installed capacity is 1980 MW based on super-critical technology. It has been divided into two stages, the first stage of the project will have two units of 660 MW and the second stage would have one unit of 660 MW.
The Project also has the location advantage of having a railway station, national highway and Krishnapatnam port in the nearby areas. This deal would increase the presence of JSPL in power-starved Southern India.
– Sourced
Leave a Reply