Navin Jindal-led Jindal Power expects to launch its estimated Rs 7,200-crore initial public offer (IPO) by June-July, proceeds of which will be utilised to part fund its around Rs 22,000-crore expansion projects.
“We have an estimate of raising about Rs 7,200 crore through the initial public offer and are awaiting SEBI clearance,” Deputy Managing Director Jindal Power Sushil Maroo told media.
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 expansion project to the Chhattisgarh State Electricity Board (CSEB) and sell the rest through short-, medium- and long-term agreements.
The company would also execute two captive power projects of 660 MW at Godda and 1,320 MW at Dumka in Jharkhand by 2014.
“We would be building 1,980 MW capacity captive power projects in Jharkhand and 51 per cent of the electricity produced from there would be utilised to feed Jindal Steel and Power Ltd.”
Besides, the coal-based projects, the company expressed hope of starting work on its Rs 7,500-crore solar power project in Rajasthan by 2012.
“We are in talks with the Rajasthan government … we are likely to start construction of the first phase of our 500 MW solar power project there in next 1-1.5 years,” Maroo said.
Also, the company is actively scouting for locations in the country to set up wind power projects, as part of its green energy initiative to generate power through renewable sources like solar and wind energy. It is currently running a 24-MW wind mill in Maharashtra, produce of which is sold to Anil Ambani-led Reliance Infrastructure.
It has lined up projects worth Rs 65,000 crore in by 2020.