Jindal Steel and Power today told its underling, Jindal
Power, is likely to launch a Rs 7,000 crore initial public offer (IPO) in the
next six months."Well come up with our IPO within next six months,"
Jindal Steel and Power Executive Vice Chairman and director Naveen Jindal told
on the sidelines of the India Economic Summit here.
While expected how much money the company plans to raise
through the IPO, Jindal told 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 annually in
three years. Now, 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 USD 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.
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