Jindal Power plans Rs 7,200-cr IPO | business | Hindustan Times
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Jindal Power plans Rs 7,200-cr IPO

business Updated: May 16, 2010 21:22 IST
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Navin Jindal-led Jindal Power expects to launch its estimated Rs 7,200-crore initial public offer in June or July.

"We have an estimate of raising about Rs 7,200 crore through the initial public offer and are awaiting SEBI clearance," said Sushil Maroo, Deputy Managing Director, Jindal Power.

The company plans to part finance Rs 22,000-crore thermal power expansion projects in Chhattisgarh and Jharkhand through the proceeds of the IPO.

"We are planning a 2,400 MW brownfield expansion at our existing 1,000 MW Tamnar plant at Raigarh, Chhattisgarh. We have already tied up Rs 10,000 crore for this project, which we expect to commission by June 2012," Maroo said.

The company will channelise 35 per cent of the power produced from the Chhattisgarh project to the Chhattisgarh State Electricity Board and sell the rest through short-, medium- and long-term agreements.

The company would also execute two captive power projects in Jharkhand by 2014.