Jindal Power may launch Rs7k cr IPO by March

Jindal Power may launch Rs7k cr IPO by March

New Delhi: Navin Jindal-led Jindal Power is likely to launch a Rs7,000 crore initial public offer(IPO) before March 2011.

“There is a tentative planning that we would bring the IPO before March 2011," Jindal Power managing director R. S. Sharma told reporters here.

When asked about draft herring prospectus and other plans, he said, “They are being worked out and are in discussion. Other than that we can not comment right now."

The company had earlier said the proceed of public offer would be utilised to part fund its around Rs22,000-crore expansion projects in Chhattisgarh and Jharkhand.

Jindal Power will channelise 35% of the power produced from the Chhattisgarh expansion project to the Chhattisgarh State Electricity Board (CSEB) and sell the rest through short, medium and long-term agreements.

The company would also execute two captive power projects of 660 MW at Godda and 1,320 MW at Dumka in Jharkhand by 2014.