Jindal Tractebel Power Company

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The Jindal Tractebel Power Company developed a 260-megawatt (2x130--MW), gas-fired power plant at Torangallu, Karnataka State. In 2004, phase II of the project began that involved expansion of the generation capacity by an additional 260 MW, for a total capacity of 520 MW. In addition to providing energy to a steel plant operated by Jindal Group, the project sells energy to the grid and to other industrial customers. The Jindal Tractebel Power Company was originally a joint venture between Jindal Vijayanagar Steel Ltd. (JVSL) (50%) and the Tractebel Group (50%). In fourth quarter 2001, Tractebel sold its 50% stake in the project to the Jindal Tractebel Power Company and related financial institutions for $50.5 million. The financial institutions took 38% of the stake while the Jindals Group took 12%. The Jindal Goup intended to buy the financial institution’s 38% stake over the next five years. Consequent to this, 100% of the company's shares are owned by Jindal Group of Companies including its investment companies. Consequent to the exit of Tractebel from the joint venture, the name of the company has been changed to Jindal Thermal Power Company Limited. Further, to draw synergy from the JSW Group and to have the group identity the company has been renamed as JSW Energy Ltd. (JSWEL). The total cost of the project was estimated at US$ 343.0 million. The project reached financial closure in mid 1995. Phase II of the project, estimated to cost US$ 182 million, reached financial closure in 2005. Raytheon and Bharat Heavy Electricals Ltd. (BHEL) were awarded the EPC construction contract in September 1995. Construction work for the project began in April 1996 and was originally scheduled for completion in May 1998. http://www.jswel.net/