JSW Energy, a part of the diversified Jindal Group, has earmarked an investment of Rs 8,000 crore in businesses across the power spectrum with plans to add over 2,000 MW of generation capacity in the current fiscal year.
The firm, which went public last year, plans to commission its 1,200 MW plant in Maharashtra’s Ratnagiri district and a 945 MW plant in Rajasthan’s Barmer district this fiscal, JSW Energy's chairman and managing director Sajjan Jindal told shareholders at the company's annual general meeting here on Friday.
JSW Energy is also setting up plants in Chhatisgarh and West Bengal, totalling an installed capacity of 2,900 MW and expects to achieve financial closure for them this year, Jindal told reporters later.
The company will raise money for the expansion through debt and does not foresee "much difficulty" in getting it, Jindal said.
"Overall, our capex (capital expenditure) for the power sector will be around Rs 8,000 crore," he said, adding the company is concentrating on getting raw material linkages for its power plants. It is looking at acquiring assets both across the country and the globe.
"We need to have 20-million tonnes of coal in place in the next five-years. Currently, our reserves are 2-million tonnes...it's a huge task," Jindal said, adding a majority of the coal would come by acquiring assets in Australia, Indonesia and South Africa.