Evaluating various opportunities: JSW on JP power deal reports

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NEW DELHI: JSW EnergyBSE 1.43 % today said it is evaluating various opportunities as part of its growth strategy amid reports that it is in talks to buy JP stake in JP Powergrid.

“In this regard we wish to clarify that JSW Energy continues to evaluate various opportunities as part of its growth strategy,” JSW Energy said in a filing to BSE.

The company’s reply is in response to a clarification sought from the bourses on a news item which said that JSW Energy is in talks to buy JP stake in JP Powergrid. JP hold 74 per cent stake in JP Powergrid.

“Accordingly, no disclosable event under the Securities and Exchange Board of India (Listing Obligations and Disclosures Requirements) Regulations, 2015 has taken place. We will duly inform the exchanges as and when a disclosable event occurs,” the company said.

The company has consistently been complying with the provisions of SEBI LODR Regulations and making requisite disclosures in a timely manner and will continue to do so in accordance with the extant regulations, the filing said.

Yesterday, JSW Energy had informed the bourses that it will acquire Jaiprakash Power VenturesBSE 5.44 %’ 500 MW thermal plant at Bina in Madhya Pradesh at base enterprise value of Rs 2,700 crore.

This is the second purchase of a power plant by the company after it announced purchase of Jindal SteelBSE 0.22 % & Power’s Chhattisgarh thermal power plant for around Rs 6,500 crore in May.

JSW Energy envisages an electricity generation capacity of 10,000 MW by 2020.

Meanwhile Jaiprakash Power Ventures Limited in a filing to BSE said: “We have not issued any press release on the subject and we do not comment on market speculations.”