The Indian steelmaking company Jindal Steel and Power Limited (JSPL), a subsidiary of India’s OP Jindal Group, will invest up to INR15bn (US$183m) to operationalise its recently acquired 1,050 MW Monnet coal-fired power project, located in Angul, in the state of Odisha (eastern India). The investment will be made over the next 12 to 18 months.
The coal-fired project, acquired for INR4.1bn (US$50m) through insolvency in December 2022, is currently under construction near a steel plant belonging to JSPL. In a 2022 auction, JSPL also won two coal blocks with approximately 347 Mt of reserves near Angul.
Coal remains a major energy source as it dominates the India’s electricity mix, with an installed capacity of 239 GW and accounting for 72% of the the country’s 1,700 TWh of power generation in 2021 (around 1,200 TWh generated in 2021 from coal and lignite).
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