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Jindal Power lines up Rs 65k-cr new projects

Jindal Power on Friday said it will invest Rs 65,000 crore in new power projects and part of the financing for these would be done through its up to Rs 10,000-crore Initial Public Offer.

The company, part of Jindal Steel and Power Ltd group, would create fresh thermal capacity of over 4,400 MW and hydel capacity of 6,100 MW, with the commissioning of projects starting from 2014.

“We need internal financial of Rs 15,000 and the rest would come through debt for financing the projects.

“All this IPO money will primarily go to our expansion programme and the balance would be funded from our internal accruals,” the Jindal Power Deputy Managing Director, Mr Sushil Maru, told PTI a day after the company’s board decided for the IPO.

As of now, the company, with a net worth of over Rs 7,000 crore, is generating surplus funds of about Rs 1,500 crore, he said, adding “finances would not be a problem at all.” The company plans to fund the projects in the debt-equity ratio of 70:30.

Besides, the company would look at all opportunities, including acquisition and bid for any ultra mega power project that the Government may put on the block, he added.
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