Jindal Power to Invest $7.7 Billion in Hydro: Corporate India
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Jindal Power Ltd., a unit of India’s biggest steelmaker by market value, plans to spend $7.7 billion on hydroelectric projects over the next decade as a coal shortage forces utilities to cut dependence on fossil fuels.
The generator, which shelved a share sale plan announced in 2009, will invest 427 billion rupees in the northeastern state of Arunachal Pradesh to install 6,100 megawatts of capacity, Jayant Shrinivas Kawale, managing director for hydro and renewables, said in an interview in New Delhi. The company expects to get government approvals for its first water-based electricity project by the end of the year, he said.