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JSW Energy inks pact to acquire 100% stake in GMR Kamalanga

Christian Fernsby |
JSW Energy Ltd has signed a share purchase agreement with GMR Energy Ltd to acquire 100% stake in the latter’s subsidiary GMR Kamalanga Energy Ltd, which owns and operates a 1,050 MW thermal power plant in Odisha, JSW Energy informed the stock exchanges in India today.

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Topics: JSW ENERGY    ACQUIRE    GMR KAMALANGA   

The transaction is valued at 5,321 crore, subject to working capital and other adjustments, and is expected to be completed in three months, the Sajjan Jindal-led company said.

The deal is yet to receive approvals from the Competition Commission of India (CCI), lenders of GMR Kamalanga and Industrial Development Corporation of Odisha (IDCO), JSW Energy said.

It will also require clearance from power purchase agreement beneficiaries, Haryana Uttar Haryana Bijli Vitran Nigam Ltd, Dakshin Haryana Bijli Vitran Nigam Ltd and PTC India Ltd.

Following the acquisition, total installed power generation capacity of JSW Energy will increase to 5,609 MW. It will also enhance the company’s presence in the eastern region of the country and diversify its fuel mix and offtake arrangements, JSW Energy said in its statement.


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