Jindal Steel and Power may select European co as tech partner for CTL project

ANGUL(ODISHA): Jindal Steel and Power (JSPL) has zeroed in on a couple of European firms for inducting a technology partner for Rs 55,000-crore ambitious Coal to Liquid (CTL) project in the state which is likely to become operational by 2019, a source in the company said here.

"We were talking to a few European and American companies which have the technology for the project. The final selection will be made in the next three-four months," the source said.

Among the few companies, JSPL is talking with include ThyssenKrupp Uhde and Siemens, which are both globally recognised German firms for the CTL technology.

JSPL's subsidiary, Jindal Synfuels, would develop the project in Odisha's Angul district.

Meanwhile, speaking to journalists here, JSPL's Deputy Managing Director and CEO (Steel Business) V R Sharma said the company does not have any intention to rope in an equity partner for the project as of now.

"We will invest Rs 55,000 crore into the project and as things stand today, we don't have the intention of roping in any equity partner," he said.

JSPL has already been allocated a coal mine for the project. The company expects to get the prospecting licence soon. The coal from the mine would be used as raw material for the project.

JSPL had earlier said the project envisages producing 80,000 barrels of iquid petroleum products from the proposed CTL project. Sharma, however, said the project could produce methanol, gasoline or high-speed diesel or a combination of the three from the project.

Tatas are also looking at setting up a CTL project.