JSW Energy has signed a Share Purchase Agreement with GMR Energy for acquiring 100% shares in its subsidiary GMR Kamalanga Energy.
JSW Energy has signed Share Purchase Agreement with GMR Energy (GEL), pursuant to which the company shall acquire 100% stake in GMR Kamalanga Energy (GKEL) for a total consideration of an amount up to Rs 5,321 crore (subject to working capital and other adjustments). The announcement was made after market hours yesterday, 17 February 2020.
Post-acquisition, the total installed power generation capacity of the company will increase to 5,609 MW. This will expand the Company's presence in the Eastern Region of the country and further diversify its fuel mix and offtake arrangements.
On 7 October 2019, JSW Energy said it had entered into exclusive discussions with GEL for potential acquisition of its subsidiary, GKEL, which owns and operates a 1,050 MW (3x350 MW) thermal power plant in Odisha.
GKEL is engaged in the business of power generation. It presently owns and operates a 1,050 MW (3 x 350 MW) coal based thermal power plant located at Dhenkanal, Kamalanga district in Odisha.
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On Monday, 17 February 2020, JSW Energy rose 1.11% to end at Rs 63.55 on BSE. Shares of GMR Infrastructure fell 2.81% to close at Rs 22.50.
JSW Energy is an integrated power company primarily engaged in generation and sale of power. Its business segments include power generation, power transmission, mining, power trading and equipment manufacturing.
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