JSW Energy Gets CCI Approval To Acquire Bankrupt KSK Mahanadi Power
JSW Energy will acquire KSK Mahanadi Power through JSW Thermal Energy One Ltd., a newly formed wholly owned subsidiary
(The Corner Office Journal) -- JSW Energy Ltd. received the Competition Commission of India’s (CCI) approval to acquire the bankrupt KSK Mahanadi Power Company Ltd.
India's antitrust watchdog on 4 March approved the acquisition of KSK Mahanadi Power by the company following the resolution plan submitted by JSW Energy, the Indian power producer said in a stock exchange announcement.
JSW Energy will acquire KSK Mahanadi Power through JSW Thermal Energy One Ltd., a newly formed wholly owned subsidiary, the CCI said in a statement. The subsidiary was incorporated in October 2024 to facilitate the proposed transaction and JSW Thermal Energy currently does not have any business activities of its own, it added.
The National Company Law Tribunal (NCLT) had cleared JSW Energy’s resolution plan for KSK Mahanadi Power in February.
JSW Energy’s resolution plan proposes to pay a total of 16,084.08 crore rupees ($1.84 billion) to KSK Mahanadi’s creditors against the admitted liabilities of 26,094.57 crore rupees. Total claimed amount stood at 39,409.17 crore rupees.
KSK Mahanadi was admitted into corporate insolvency resolution process on 3 October 2019 following a petition by its financial creditor Power Finance Corporation.
KSK Mahanadi Power owns a 3,600-MW thermal power plant located in the state of Chhattisgarh. Presently, 1,800-MW (600-MW x 3 units) is operational, which is 95% tied-up under long and medium-term power purchase agreements.
An additional 1,800-MW (600-MW x 3 units) is under-construction, out of which, one unit (600 MW) is 40% completed and other units remain under construction.
Note: $1 = 87.289 Indian rupees
(Send feedback to editor@cornerofficejournal.com)
