JSW Energy scraps Rs 27 bn deal to buy JP Power's Bina assets over delay

The company had extended the long stop date for completion of the deal to December 31, 2017

Sajjan Jindal-backed JSW Energy on Monday announced that the deal to acquire Jaiprakash Power Ventures’ Bina power assets has been terminated as the long-stop agreement date expired last month.

In July 2016, JSW Energy announced it would acquire JP Power’s 500 megawatt Bina power asset for Rs 27 billion, subject to certain conditions, in a deal that was to be completed by May 2017. However, the company later extended the long-stop date for deal completion to December 31, 2017.

“We now wish to inform you that with the elapsing of the long-stop date, the proposed acquisition of the Bina project