Jindal Power Ltd, controlled by Indian billionaire Savitri Jindal, aims to buy thermal plants to speed up a planned doubling of its generation capacity in India.
The company, a unit of Jindal Steel & Power Ltd, announced plans to buy at least 1 GW in capacity in an advertisement in the Times of India on 31 August. Jindal Power would consider buying generators under construction that have assured coal supply, said the advertisement.
Jindal Power currently has a capacity of 1 GW and is building 6.5 GW of coal-fired capacity.
“If you start from scratch, it will take a lot of time” to increase capacity, deputy managing director Sushil K. Maroo, told Bloomberg in a telephone interview. “That’s the reason we’re looking at outright purchases.”
Building a 1 GW project costs 50 billion rupees ($1.1bn), said Maroo, according to Bloomberg.
For more market intelligence news click here