After the company’s successful acquisition of KSK Mahanadi Power Company, which holds 3,600 MW of thermal power facilities under insolvency procedures, JSW Energy’s shares surged 6.16% to Rs 549.50 in early trading on Tuesday.
A corporate statement said that this comes after the Committee of Creditors gave its consent, and the deal is still awaiting regulatory clearance from the Competition Commission of India and the National corporate Law Tribunal.
The Resolution Professional has sent JSW Energy a Letter of Intent (LoI) on the resolution plan it submitted for KSK Mahanadi Power Company Ltd. (KMPCL) under the Insolvency and Bankruptcy Code, 2016.
In Chhattisgarh, KMPCL owns a 3,600 MW thermal power plant. At the moment, 95% of the 1,800 MW (600 MW x 3 units) of capacity is locked up in long- and medium-term power purchase agreements. An extra 1,800 MW (600 MW x 3 units) is being built; the remaining plant infrastructure for the remaining 1,200 MW is in place, and one unit (600 MW) is 40% finished. For the full 3,600 MW capacity, the project has made plans for coal and water transportation.
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