JSW Energy said it has completed the debt restructuring agreement with Jaiprakash Power Ventures Ltd (JPVL) and is set to close its GMR Kamalanga acquisition in a couple of weeks.
The Sajjan Jindal-backed company has acquired a 5 percent equity stake in JPVL, in addition to ₹120-crore receivable which has been classified as a loan from JPVL. Both parties have agreed to forego their respective rights and obligations in relation to the Securities Purchase Agreement for transfer of Karcham and Baspa hydro assets, the company said.
The company also said its GMR Kamalanga Energy acquisition is progressing well and is headed for an expeditious closure. Another acquisition, Ind-Barath Energy (Utkal)’s 700 MW of stressed assets, is awaiting approval from NCLT. “The deal is expected to be closed in the next few weeks,” said Prashant Jain, Joint MD, and CEO, JSW Energy.
Demand for power
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