Monnet Ispat readies for power drive Subhash Narayan

NEW DELHI: Monnet Ispat & Energy (MIEL), formerly Monnet Ispat Ltd, has decided to shift its focus to energy from steel-making. The company plans to set up two thermal power plants of 1000 MW each in Orissa and Jharkhand at an invest-ment of about Rs 8,000 crore, while restricting expansion of steel business.

“We are planning to diversify into power generation to derisk our business from cyclical fluctuations. An MoU has already been signed for the 1000-MW plant in Orissa. The plant will see an investment of Rs 4,200 crore. We have also applied for a similar sized plant in Jharkhand,” executive vice-chairman and managing director of MIEL Sandeep Jajodia told ET.

He added that the company was aiming to achieve 55% of its revenue from the energy business within a year and increase the contribution further once the proposed plants go on stream.