Home / Companies / News / Covid-19 impact: JSW Energy calls off acquisition of GMR Kamalanga Energy

Covid-19 impact: JSW Energy calls off acquisition of GMR Kamalanga Energy

The company noted that India's power demand declined by 16.2 per cent year on year (y0y) in the June quarter, due to weak economic activity amidst Covid-19 related lockdowns and restrictions

JSW, JSW energy, electricity, industry, plant

Premium

JSW Energy is also moving towards a coal neutral target set for 2050.

3 min read Last Updated : Aug 01 2020 | 12:37 AM IST

Sajjan Jindal-promoted JSW Energy has called off its proposed deal to acquire GMR Kamalanga Energy, an operational coal-based power plant in Odisha, owing to the Covid-19-related uncertainty.

“With the elapsing of long-stop date, both the parties have mutually agreed to terminate the transaction, given continued uncertainty due to the Covid-19 pandemic,” JSW Energy said in a statement. The termination, it added, was with no cost to either of the parties.

In February, JSW Energy had said it would acquire the 1,050 Mw project for Rs 5,321 crore, only to put it on hold in May.

In order to become carbon neutral, the company

What you get on BS Premium?

Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.

VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in