JSW Steel, India’s third-largest steel producer, said that it would set up a 1,600-Mw captive thermal power plant in West Bengal with an investment of Rs 9,680 crore. The plant will be a joint venture between the subsidiary company JSW Bengal and group firm JSW Energy.
The company plans to use coal from its own mines, for which it would invest Rs 2,000 crore and the rest Rs 7,680 crore would be invested in setting up two units of 800 Mw each. One fourth of the project cost is equity, while the rest would be managed through debt, the company said.
Meanwhile, the company, along with its US subsidiary, reported a net profit of Rs 429.7 crore for the quarter ended December 31, against a loss of Rs 187.8 crore in the corresponding quarter of the previous financial year.
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