JSL Stainless signs power purchase agreement with GRIDCO

NEW DELHI: Stainless steel maker JSL Stainless today said it has entered into a power purchase agreement with GRIDCO Ltd for its 1,320 MW coal-fired plant at Luni in Orissa.

"JSL Stainless entered into a Power Purchase Agreement with GRIDCO Ltd on December 30, 2010 for sale of power from the proposed thermal power plant to be set up in the State of Orissa," JSL Stainless said in a communique to the Bombay Stock Exchange.

Earlier known as Grid Corporation of Orissa Ltd, GRIDCO Ltd is the nominated agency to act on behalf of the government of Orissa.

JSL Stainless intends to set up the thermal power plant through a Special Purpose Vehicle called, JSL Energy Ltd.

The company had in June signed a MoU with the Orissa government to set up the plant at an investment of Rs 7,375 crore.

JSL Stainless is also setting up a 1.6 million tonnes per annum greenfield stainless steel plant in Orissa.