Jindal India Powertech Likely To Go Public Next Year (03-Sep-2010)
Jindal India Powertech (JIPL), a holding company of Jindal India Thermal Power (JITPL), promoted by BC Jindal Group, is planning to go public by early next year. The size of the initial public offer (IPO) will be around Rs 800-1,000 crore. The group's other two major listed companies Jindal Photo and Jindal Poly films are the majority stake holders in JIPL.
JIPL holds 99.22% stake in JITPL, which is aiming to attain a power generation capacity of over 5,000 mega watts (mw) in the coming 5 years and is currently building a 1,800 mw sub-critical thermal power plant in Angul district of Orissa. Out of the 1,800mw, 600 mw production will be initiated in December 2010. Apart from this, the company is planning to build one more plant with a capacity of 1320 mw and has also entered into a memorandum of understanding to setup a 2000 mw power project in Sasan district of Madhya Pradesh.
The group is planning to file the DRHP as soon as the first unit at Orissa gets operational.
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