Jindal Power plans to bid for mega projects

The Naveen Jindal-led Jindal Steel and Power Limited, which managed to get 28 per cent equity in the 4,000 mw Sasan ultra mega power project, would bid for other ultra mega projects.

"We will certainly be interested in such an opportunity. Since mining is our expertise, pit-head coal fired project like Sasan will suit us as it is dependent on locally available coal," said Naveen Jindal, chairman and managing director, Jindal Steel and Power Limited (JSPL).

The company is not interested in projects using imported coal.

Talking about Rs 16,500-crore Sasan project, Jindal said it was an exciting project and together with Lanco Infratech, they would make it a success. "I am not sceptical about it all", he said. JSPL would provide financial and technical support to Lanco for Sasan.

Incidentally, JSPL was one of the bidders for the Sasan project, but its tariff of Rs 1.799 was higher than the winner Lanco Infratech's lowest bid of Rs 1.196 per unit.

The company lapped up the opportunity to partner with Lanco for Sasan by acquiring 40 per cent stake of Globeleq Singapore.

"It is a matter of pride that power can be supplied to the people at such a low rate", Jindal said.

Besides ultra mega projects, the company is also planning to develop merchant power plant of 1,000 mw. The investment required for this would be Rs 4 crore per mega watt.

It is also setting up a 1,000 mw thermal power plant at Raigarh, Chhattisgarh, with an investment of over Rs 4,500 crore.

The project is nearing completion and first 250 mw units would be commissioned in June 2007, said an official at JSPL.

Subsequently, 250 mw units would be commissioned in next four quarters.