Jindal Poly to invest Rs 660 cr in equity shares in Jindal Powertech Thursday, Nov 04, 2010
BS Reporter / Mumbai November 4, 2010, 16:59 IST

Jindal Poly Films Ltd will invest up to Rs 660 crore (including already invested) in the equity shares in Jindal India Powertech Ltd, which is a holding company of Jindal India Thermal Power Ltd.

This entire investment will be at par Rs10 per share. After the proposed investments Jindal Poly Films will hold a majority stake of 73.73 per cent in Jindal India Powertech Ltd.

The Company informed the stock exchanges that Jindal India Thermal Power Ltd is presently developing 1800 MW thermal power project in Orissa with an investment of over Rs 9,000 crore.

Jindal India Thermal Power Ltd has already obtained most of the statutory approvals including land acquisition, water allocation, environmental clearance, fuel tie-up including coal linkage and coal block.

The boundary wall at project site has been completed and has already started construction work. BTG is being sourced from BHEL and the erection of boiler has commenced. The company has already placed orders for equipment value more than Rs 4,500 crore. Jindal India Thermal Power Ltd has already achieved financial closure for entire 1800 MW.