In a bid to foray into the power sector, polyester film-maker, Jindal Poly Films, will invest around Rs660 crore to acquire a majority stake of 73.73% in Jindal India Powertech, the holding company of Jindal India Thermal Power Ltd.

Jindal Poly Films, a part of the Rs 3,500 crore B C Jindal Group, will invest the funds at Rs 10 per equity share, the company said in a release here today.

The company further said that Jindal India Thermal Power is setting up a 1,800 MW thermal power project in Orissa at an investment of over Rs 9,000 crore.

Jindal India Thermal Power has already obtained most of the statutory approvals including land acquisition, water allocation, environmental clearance, fuel tie-up including coal linkage and coal block.

The company has already placed orders for equipment value more than Rs 4,500 crore and has achieved financial closure for entire 1,800 MW.