CARE Ratings has reaffirmed stable outlook credit rating for Jindal Power, a subsidiary of Jindal Steel and Power (JSPL). The rating agency has reaffirmed stable outlook credit rating of ‘A-‘ to Jindal Power which operates the 3400 MW OP Jindal Super Thermal Power Plant at Tamnar, in the state of Chhattisgarh.
The reaffirmation of the rating comes at the back of experienced promoter group, cost competitiveness of company’s power plants and their favorable location leading to competitive variable cost. The ratings also derive comfort from revenue visibility from Medium / Long term PPAs in place for its capacity and demonstrated ability of the company to enter into short-term PPA’s and undertake merchant sales at remunerative tariffs.
JSPL is one of India’s fastest growing and largest integrated steel manufacturers, significantly present in Steel, Power Generation and Infrastructure segments and catering to a large part of India’s domestic energy and infrastructure requirement.