In what could be its first international foray into the power sector, Jindal Steel and Power Ltd (JSPL) may soon set up two hydro-electric (hydel) power plants. The Naveen Jindal-headed companies is one of the front-runner for both power plants in Nepal.
?The Nepal government has invited tenders for setting up three hydel power plants. We have made bids for setting up two plants in Upper Karnali and Arun III. While, Upper Karnali will have an installed capacity of 300mw, Arun III would have a capacity of 402 mw? a company spokesperson told FE.
Till now, the company has no major stake in any power plant outside India . Both the projects put together, would require an estimated investment to the tune of Rs 2,800 crore, as a1-mw production roughly requires an investment of Rs 4 crore. However, the company spokesperson declined to comment on the expected investment.
Interestingly, the company has made not shown any interest in the third project known as Pudhi Gandaki, which would have an installed capacity of 600mw. This project is the largest of the lot.
JSPL submitted its tender last month. Meanwhile, the Nepal government would select the bidder once it appoints a new secretary for water resources. The group is also setting up a power plant in Chattisgarh.
The company is setting up a 1000-mw OP Jindal Super Thermal Power Plant at Raigarh, Chhattisgarh, with an investment of over Rs 4,500 crore. The first phase, with an installed capacity of 250mw, is likely to be commence soon. The company otherwise has no major exposure in the power production and whatever little it has, is used for internal consumption.