The talks would give JSW group access to seek additional data about the company and make a final offer. Several companies, including private equity players, were earlier in the race to buy the company.
A JSW group spokesperson declined to comment.
The JSW group is expanding its energy business--from seven gigawatts now to 20 GW by 2030--with new capacity to be built via renewable sources. In 2014, JSW Energy acquired two of Jaiprakash Power Ventures’ hydro power plants, with a combined capacity of 1,391 MW, for Rs 9,700 crore. This included Jaypee’s operating power plants: the 300-MW Baspa-II hydroelectric plant and the 1,091-MW Karcham Wangtoo plant in Himachal Pradesh.
“JSW is keen to acquire more companies in the renewable energy sector like the Adani and Reliance groups who are pouring billions of dollars into the renewable energy space,” said a banker, who asking not to be named.
Mytrah has built over 1,800 MW of operational assets in the renewable energy sector. These assets are spread across 17 wind farms and 21 ground-monitored solar farms in Punjab, Rajasthan, Gujarat, Madhya Pradesh, Maharashtra, Karnataka, Telangana, Andhra Pradesh and Tamil Nadu, according to the company's website. The company sells power mainly to state grids through 13 to 25-year power purchase agreements.
The Mytrah group was set up by London based entrepreneur, Ravi Kailas 25 years ago to enter renewable energy worldwide. Kailas set up several companies in the telecom, software, franchising, digital advertising, financial options and infrastructure sectors.
As on Wednesday, JSW Energy was valued at Rs 45,810 crore with its shares priced at Rs 279 each. The Sajin Jindal family owns 74.6 per cent stake in the company.
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