Jindal Power may launch IPO in 6 months

Jindal Steel and Power on Monday said its subsidiary, Jindal Power, is likely to launch a Rs 7,000-crore initial public offer(IPO) in the next six months.

"We will come up with our IPO within next six months," Executive Vice-chairman and Managing Director Naveen Jindal said on the sidelines of the India Economic Summit here.

When asked how much money the company plans to raise through the offer, Jindal said it will be around Rs 7,000 crore.

Commenting on the expansion plans, Jindal said the company plans to increase steel production capacity to 10 million tonnes per annum in three years. At present, the company's output is 3 million tonnes per annum.

The company will also augment its power generation capacity to 6,000 megawatts in three years from 2,000 megawatts at present.

JSPL also said it is investing $2.1 billion on a mining project in Bolivia, South America. The company has been granted approvals and 3,000 acres of land to develop the El Mutun iron ore deposit and set up a steel plant in Bolivia's Santa Cruz area.