JSPL To Enter Power Trading, To Apply For Licence Soon

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New Delhi, May 2: Jindal Steel and Power of Jindal group on Sunday said it would enter the power trading business as the company would have an access to over 1,250 mw electricity by 2008.

“We shall soon apply for power trading licence with the Central Electricity Regulatory Commission (CERC). We have an existing capacity of 205 mw which will go up to 255 mw by the year-end,” Sushil Maroo, vice-president (Finance) of JSPL told PTI.

Jindal Power Limited, in which JSPL would be a majority stake holder, is setting up 1000 mw (2X500 mw) power plant at Raigarh in Chattisgarh thereby giving an access to JSPL to 1255 mw of electricity by 2008.

The first unit of 500 mw would be completed by 2007 and the second by 2008, Mr Maroo said adding that JSPL is already in the business of selling power to Chattisgarh State Electricity Board and some other private entities. Mr Maroo revealed JPL had agreed to give 350 mw power to JSPL at Rs 2.10 per unit for a period of 12 years beginning 2007. “This would ensure affordable tariffs to the SEB and other players,” he added .