SEML plans 1,200 MW Binjkot expansion after court dismissal

Sarda Energy & Minerals Ltd. plans to double its Binjkot independent power producer from 600 megawatts (MW) to 1,200 MW, subject to an approval process that is underway. SEML says the Supreme Court of India dismissed a review petition against its resolution plan, removing the overhang on a proposal to add two 300-MW units at the Chhattisgarh plant commissioned in 2018.

What is SEML planning at Binjkot?

SEML is planning to expand the Binjkot independent power producer, or IPP, from two 300-MW units to four 300-MW units. This would increase the plant’s capacity from 600 MW to 1,200 MW, adding 600 MW at the Chhattisgarh site that was commissioned in 2018. The presentation identifies the project as upcoming capacity, rather than as operating capacity.

SEML has not disclosed a capital-cost estimate, construction timetable, commissioning date or financing structure for the additional 600 MW. It says only that the approval process is underway. The stated 1,200-MW capacity is therefore a plan, not reported operating capacity or a target with a disclosed completion date.

How does Binjkot compare with SEML’s thermal portfolio?

SEML reported thermal-power assets of 761.5 MW as of September 2026, with Binjkot’s 600 MW as the largest component. The balance comprises an 81.5-MW captive power plant, or CPP, at Siltara in Chhattisgarh, including 21.5 MW of waste-heat power, and an 80-MW CPP in Visakhapatnam.

A 1,200-MW Binjkot plant would be twice the current site capacity and 438.5 MW larger than SEML’s reported 761.5-MW thermal base, assuming no change to the other plants. The Siltara units were commissioned between 2001 and 2009, while the Visakhapatnam CPP was commissioned in 2013, compared with Binjkot’s 2018 commissioning.

SEML separately says that more than 380 MW of generation capacity was secured through long-term and medium-term power purchase agreements, or PPAs, as of March 2026. The presentation does not allocate that contracted capacity among Binjkot, Siltara and Visakhapatnam, or state whether the proposed additional 600 MW has PPAs in place.

Why does the Supreme Court dismissal matter for Binjkot?

SEML says the Supreme Court of India’s dismissal of a review petition against its resolution plan removes all overhang on the 600-MW Binjkot expansion. The company places that legal update alongside its plan to move the IPP from two to four 300-MW units, taking the site to 1,200 MW.

The presentation does not identify the petitioner, provide the dismissal date, describe the original resolution-plan proceedings or give the grounds considered by the court. It also does not state that the dismissal itself provides regulatory approval for the proposed 1,200-MW configuration. SEML continues to describe the separate expansion approval process as underway.

The disclosed distinction is that the court matter concerns a review petition against the resolution plan, while the proposed two additional 300-MW units remain subject to approvals. SEML’s wording indicates that management views the dismissal as removing an obstacle to pursuing the 600-MW addition, not as evidence that construction has begun or that all project clearances are complete.

How could Gare Palma IV/7 support Binjkot?

SEML says Binjkot is strategically located near its Gare Palma IV/7 coal mine in Chhattisgarh. The company says that proximity supports seamless integration intended to optimise operations, improve efficiency and support revenue and profit growth. Gare Palma IV/7 has capacity of 1.80 million tonnes per annum and is designated for captive use.

SEML also operates a Raigarh coal washery with capacity of 1.80 million tonnes per annum. The company says the washery improves coal quality to raise efficiency and reduce emissions, and that its capacity is intended to remain in line with the coal mine. These are the disclosed mechanisms supporting the company’s integrated fuel-supply case for thermal generation.

SEML reports a further 1.42-million-tonnes-per-annum Indonesian coal mine in which it holds 49% ownership, with commercial sale stated as its usage. The presentation does not say that Indonesian coal will supply the additional Binjkot units. Its specific integration claim for the 600-MW IPP refers instead to the nearby Gare Palma IV/7 captive mine.

Where does Binjkot fit in SEML’s energy plan?

SEML identifies energy as its core vertical and says it contributed more than 70% of consolidated earnings before interest, tax, depreciation and amortisation, or EBITDA. Alongside 761.5 MW of thermal power in September 2026, SEML reported 168 MW of hydropower and a 50-MW solar project expected to become operational during FY27.

The hydro portfolio includes proposed capacity of 24.9 MW at Kotiveera, 24 MW at Mand, 24.9 MW at Jelha and 66 MW at Rahung village. Land acquisition is in progress at Kotiveera, approvals are under process at Mand and Jelha, and SEML has acquired a majority stake in the Rahung village project. These additions are at different stages from the Binjkot approval process.

SEML places its plans against India’s National Electricity Plan, which envisages about 900 gigawatts of installed capacity by FY32, including about 304 gigawatts of conventional capacity and 596 gigawatts of renewable-based capacity. The company says its thermal, hydro and solar portfolio is positioned for industrial and power demand, but does not provide a Binjkot generation, revenue or EBITDA forecast after the planned expansion.

Conclusion

SEML’s disclosed Binjkot proposal would make its 2018 Chhattisgarh IPP a 1,200-MW facility, compared with 600 MW currently and total reported thermal capacity of 761.5 MW in September 2026. The company links the plan to the plant’s proximity to its 1.80-million-tonnes-per-annum Gare Palma IV/7 captive coal mine and management’s view that the Supreme Court dismissal removed a legal overhang.

The next item to watch is the approval process for the additional two 300-MW units, because SEML has not disclosed a capital budget, construction schedule or commissioning target. SEML also expects its 50-MW solar project to become operational during FY27, while the 24-MW to 66-MW hydro additions remain subject to land acquisition, approvals or project development steps.