Moneycontrol reports on Money Ispat’s performance and its interest in Orissa. Following are some excerpts.

Net profit of Monnet Ispat & Energy Limited jumped by 82% at Rs. 48.55 crores in its 1st quarter of 2007-2008, vis-?-vis Rs. 26.64 crores in the corresponding quarter of last financial year. The company recorded total turnover at Rs. 234.53 crores as compared to Rs. 137.12 crores achieved in the corresponding quarter of last fiscal ?an increase of 71%. …

Emphasising its shift to energy from steel making, Delhi based Monnet Ispat & Energy Ltd. (MIEL) has signed an MoU with the Government of Orissa for setting up a 1,000 MW power plant at an estimated cost of Rs.4200 Crores. The pithead power plant will come up in the Angul district of Orissa. MIEL plans to put up the 1000 MW power project in two phases of 600 MW and 400 MW. The 1st phase will be set up at an estimated cost of Rs.2850 Crores and the 2nd Phase at a cost of Rs.1350 Crores.

“In the coming years, the company will be focused more on the energy business rather than steel. Within a year, 55% of the revenues will come from the energy business and the rest from steel.,” said Mr. Sandeep Jajodia, Managing Director, Monnet Ispat & Energy Ltd.