Jindal Poly Films Ltd has informed the stock exchanges about its decision to invest upto 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 @Rs.10 per share.
After the proposed investments Jindal Poly Films will hold a majority stake of 73.73% in Jindal India Powertech Ltd.
The Company further informed 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.
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About Jindal Poly Films Ltd:
Jindal Poly Films Limited (JPFL) is engaged in the manufacturing of Polyester (PET) and Polypropylene (OPP) films. JPFL is India’s largest producer of PET and OPP films. It also has India’s largest Metallising capacity.
The company has the most modern, wide width and high productivity equipment to manufacture flexible packaging films.
Jindal Poly Films Limited is a part of INR 35 billion B.C. Jindal group, more than 50 year old industrial group offering a wide range of products. The group is involved in diverse activities including manufacturing of Polyester Film, Polypropylene film, Steel pipes, Photographic products and has recently forayed in the power business.