JSW Energy shares rose over 5% amid acquiring 3600 MW KSK Mahanadi Power Plant
The approval from the Committee of Creditors has been granted, and the completion of the transaction is subject to obtaining the necessary regulatory approvals from the National Company Law Tribunal and the Competition Commission of India.
JSW Energy shares rose over 5 amid acquiring 3600 MW KSK Mahanadi Power Plant
Shares of JSW Energy increased by as much as 4.8%, reaching Rs 542.70, after the company announced on Monday that it has successfully applied to acquire KSK Mahanadi Power Company. This company owns 3,600 MW of thermal power plants and is currently undergoing insolvency proceedings.
The approval from the Committee of Creditors has been granted, and the completion of the transaction is subject to obtaining the necessary regulatory approvals from the National Company Law Tribunal and the Competition Commission of India.
JSW Energy has been declared the successful applicant and has received a Letter of Intent (LoI) from the Resolution Professional for its resolution plan submitted for KSK Mahanadi Power Company Ltd (KMPCL) under the corporate insolvency resolution process established by the Insolvency and Bankruptcy Code, 2016.
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KMPCL owns a 3,600 MW thermal power plant located in Chhattisgarh. Presently, 1,800 MW (600 MW x 3 units) is operational, which is 95% tied up under long- and medium-term power purchase agreements.
An additional 1,800 MW (600 MW x 3 units) is under construction, out of which one unit (600 MW) is 40% completed, and the balance of the plant is in place for the remaining 1,200 MW.
With this, the company's total locked-in thermal generation capacity stands at 7.5 GW, and the total locked-in generation capacity stands at 28.2 GW. This positions JSW Energy to achieve its target of 20 GW significantly before 2030.
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