New Delhi: Sajjan Jindal-led JSW Energy will on Thursday announce the acquisition of Naveen Jindal’s 1000 MW capacity power plant at Raigarh in Chhattisgarh for up to Rs 6,000 crore.
“JSW Energy will tomorrow formally announce the acquisition of JSPL’s 1,000 MW power plant in Raigarh tomorrow. The deal size can go up to Rs 6,000 crore,” people in know of the development said.
JSPL is selling its power asset in a bid to pare debt, they added.
The consolidated debt of Naveen Jindal-led JSPL is around Rs 46,000 crore.
JPL, a subsidiary of JSPL, has a 4×250 MW plant in Raigarh and a 2,400 MW (4X600 MW) thermal power plant in Tamnar in Chhattisgarh.
On the other hand, the deal will help JSW Energy realise its objective of having power generation capacity of 12,000 MW by 2025. At present, JSW Energy’s generation capacity is 4,531 MW which will be increase to 5,531 MW after this acquisition.
Last month, JPL announced that it has signed an agreement to divest a 4.12 per cent stake in Indian Energy Exchange for an undisclosed amount, which will be realised in the fiscal ending March 31, 2016.