JK Organisation said it will foray into the power sector with plans to set up 1,360 MW power plant near Jhansi in Madyha Pradesh, on which it will make an initial investment of Rs 1,300 crore.

“Yes, as a group we are venturing into the power sector. To start with, we will be confined with thermal power plants. We are putting up a 1,360 MW power plant near Jhansi in Madyha Pradesh,” JK Organisation Vice Chairman and Managing Director Raghupati Singhania told to reporters. In the first phase investment will be about Rs 1,300 crore and will start a 660-MW plant within next two years.

“This project is basically a commercial project and the business will be controlled under a separate entity and we will form a special SPV in the coming days,” he said but did not elaborate on the overall investment for the entire project. On the financing of the project, he said the company will raise funds but details will be decided later.